1.4 Lakh Startups Have Created 15.5 Lakh Jobs: Govt

SUMMARY

MoS Jayant Chaudhary said that 3.02 Lakh startups, supported under the Start-up Village Entrepreneurship Programme, have generated around 6.2 Lakh jobs

The MoS added that the startups incubated under the TIDE 2.0 scheme have created employment for 8,556 persons

India boasts the third-largest startup ecosystem in the world and has 116 unicorns and 112 soonicorns

The government on Monday (July 29) informed the Parliament that the over 1.4 Lakh startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) have created over 15.5 Lakh direct jobs in the country.

Minister of State (MoS) (independent charge) for skill development and entrepreneurship Jayant Chaudhary made the revelation in response to a question from Bharatiya Janata Party’s (BJP) Member of Parliament (MP) Dilip Saikia.

“Sustained efforts by the government under the Startup India initiative have led to an increase in the number of recognised startups to 1,40,803 as on 30th June 2024. The recognised startups have reported to have created over 15.5 lakh direct jobs,” said MoS Chaudhary.

He added that 3.02 Lakh startups, supported under the Start-up Village Entrepreneurship Programme, have generated around 6.2 Lakh jobs in India’s rural belt. The MoS added that the startups incubated under the technology incubation and development of entrepreneurs (TIDE) 2.0 scheme have created employment for 8,556 persons.

Chaudhary also underlined that 1,235 DPIIT-recognised startups have been supported under the TIDE 2.0 scheme, of which 1,708 are from agriculture and allied sectors.

This is in line with what the Economic Survey said earlier this month. It said that the 1.17 Lakh DPIIT-recognised startups created over 12.42 lakh direct jobs, creating significant economic impact, as of 2023.

The Centre has taken a number of steps over the last few years to give an impetus to the country’s startup ecosystem for job and value creation.

In her budget speech last week, finance minister Nirmala Sitharaman provided a relief to the startup ecosystem by fulfilling the long-standing demand of abolishment of the infamous angel tax.

She also announced a number of other steps which would boost the Indian startup ecosystem, like creation of an INR 1,000 Cr VC fund for space economy, reduction of the tax deducted at source (TDS) for ecommerce platforms to 0.1% from 1%, and setting up ecommerce export hubs in PPP model.

India boasts the third-largest startup ecosystem in the world and is home to 116 unicorns and 112 soonicorns. Earlier today, ride-hailing startup Rapido became the third unicorn of the year.

As per an Inc42 report, homegrown startups have raised over $147 Bn since 2014.

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