DPIIT-Recognised Startups Have Created Over 1.63 Lakh Jobs In Bengaluru

1.4 Lakh Startups Have Created 15.5 Lakh Jobs: Govt

SUMMARY

In Bengaluru district (Rural and Urban), the DPIIT has recognised 13,649 entities as startups that have reportedly created over 1,63,345 direct jobs as on 31 October 2024

Under SISFS, INR 63.99 Cr has been approved for 281 startups to support early stage development

Managed by SIDBI, FFS has facilitated investments of INR 6,470.8 Cr into 346 startups through SEBI-registered alternative investment funds

The government today (December 17) informed the Parliament that over 13K startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) have created over 1.63 Lakh direct jobs in Bengaluru.

Minister of State for Commerce and Industry Jitin Prasada made the revelation in a response to a question in LokSabha.

“In Bengaluru district (Rural and Urban), the DPIIT has recognised 13,649 entities as startups that have reportedly created over 1,63,345 direct jobs as on 31 October 2024,” the minister said.

He added that these startups have received financial assistance through the following key government schemes:

Startup India Seed Fund Scheme (SISFS): Under SISFS, INR 63.99 Cr has been approved for 281 startups to support early stage development.

Fund of Funds for Startups (FFS): Managed by SIDBI, FFS has facilitated investments of INR 6,470.8 Cr into 346 startups through SEBI-registered alternative investment funds.

Credit Guarantee Scheme for Startups (CGSS): CGSS, launched as a pilot in April 2023, has provided INR 49.24 Cr in collateral-free loans to 24 startups in Bengaluru urban district.

Further, Bengaluru startups have also benefited from tax exemptions under the Income Tax Act. A total of 348 startups received certificates of eligibility under Section 80-IAC, while 1,601 startups secured exemptions under Section 56(2)(viib).

In 2016, the government launched the ‘Startup India’ initiative to support new businesses by providing funding, tax benefits, and easier regulations to promote innovation and entrepreneurship in India.

Most recently, the government also launched Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform for startups to facilitate growth of the Indian startup ecosystem.

The platform, developed in-house by the DPIIT under the ‘Startup India’ programme, is designed to facilitate collaboration between startups, investors, tech enablers, mentors, government bodies, and other key stakeholders in the Indian startup ecosystem.

BHASKAR was the second startup registry that the Centre launched in recent times.

In February, the commerce ministry launched Bharat Startup Ecosystem Registry in pilot mode. The registry was launched to bring together all the stakeholders of the startup ecosystem to showcase entrepreneurship, technology and innovation.