5 years of PM Modi’s Startup India: 5.5 lakh jobs created, 50,000 startups acknowledged by DPIIT

Prime Minister Narendra Modi’s flagship scheme for Indian startups – Startup India — on Thursday crossed the 50,000-mark for the variety of startups acknowledged by its implementing body Department for Promotion of Industry and Internal Trade (DPIIT). According to the information accessible by the Startup India programme, 50,018 startups have been acknowledged by DPIIT on the time of submitting this report. The scheme launched by PM Modi on January 16, 2016, meant to supply sops round registration, earnings tax exemption, simpler public procurement norms, rebate in patent submitting, simple winding up of firm, and more. Financial Express Online had reported in March last yr on 29,681 DPIIT acknowledged startups as of March 11, 2020. This had more than tripled from 8,939 startups registered until March 2018.In phrases of job creation, 5,49,842 jobs have been reported to date by 48,093 acknowledged startups with a mean variety of 11 workers per startup, the Ministry of Commerce and Industry stated in an announcement on Thursday. In FY21 alone, round 1.7 lakh jobs have been created by acknowledged startups. Among sectors with the very best variety of registered startups below the Startup India programme, meals processing, product development, utility development, IT consulting, and enterprise assist services led the pack.

“The fact that so many startups have emerged is a sign that government and entrepreneurial community have realized that growth and livelihoods will come through this route. While there is a limit to setting up factories and even if we set up a factory of the size of a football field in the modern context it may at most create direct employment to 200-300 people across shifts unlike an app or a portal that may generate similar direct and multiple indirect livelihoods in few months,” Rameesh Kailasam, CEO at IndiaTech.org — business affiliation representing India’s client web start-ups, unicorns and buyers – informed Financial Express Online.

Of 50,000 startups acknowledged by DPIIT, 19,896 have been acknowledged up to now 12 months, the Ministry of Commerce and Industry stated in an announcement on Thursday. The acknowledged startups have been based throughout 623 districts whereas every State and union territory had at the least one startup. India’s 30 states and UTs have already introduced their respective startup insurance policies whereas Maharashtra, Karnataka, Delhi, Uttar Pradesh, and Gujarat had the very best focus of startups. The authorities stated that it took solely 180 days so as to add the last 10,000 startups vis–vis 808 days for the primary 10,000 originally of the scheme. During FY17, 743 startups have been acknowledged which elevated to more than 16,000 startups acknowledged in FY21.

“India requires startups which use forward-looking technology, are innovative with ability to scale and are capable of creating wealth and livelihoods. That’s been the focus of most current successful startups and unicorns in the internet tech space. While the number of startups is a good indicator and demonstrates entrepreneurial hunger, however, the real change would come from this focus and approach,” added Kailasam.

Meanwhile, the variety of startups funded SEBI registered different funding funds (AIF) by Rs 10,000 crore Fund of Funds for Startups (FFS) below Startup India had jumped from 247 as of June 24, 2019, to 320 as of February 18, 2020, as reported by Financial Express Online earlier. FFS launched by PM Modi in 2016 had dedicated Rs 3,123.20 crore to 47 AIFs until February. PM Modi had in January additionally introduced a seed fund value Rs 1,000 crore for startups In his deal with to the BIMSTEC nations on the Startup India’s worldwide summit Prarambh, PM Modi stated that “going ahead, the federal government can even assist startups to lift debt capital by offering the assure.”

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