Economic Survey 2024: Number Of DPIIT-Recognised Startups Crosses 1.17 Lakh Mark

SUMMARY

As per Economic Survey 2023-24, 13K Indian startups are working on new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology

As many as 135 alternative investment funds invested more than INR 18K Cr in homegrown startups by the end of FY24

The spurt in the number of startups was driven by sustained efforts by the government spanning “simplification and handholding,” “funding support and incentives” and “industry academia partnership and incubation,” the survey said

The number of DPIIT-recognised startups shot up to more than 1.17 Lakh in 2023, up from 300 in 2016, with 45% of startups emerging from Tier I and II cities, according to the Economic Survey 2023-24 tabled by the union finance minister Nirmala Sitharaman in Parliament today.

These recognised startups have reportedly created more than 12.42 lakh direct jobs creating significant economic impact, the survey said.

Of these, 13K startups are working on new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology, it added.

Further, the survey pointed out that more than 47% of the recognised startups have at least one woman director.

Under the government’s Fund of Funds for Startups scheme, launched in 2016, more than INR 10,500 Cr have been committed to over 135 alternative investment funds, which have cumulatively invested more than INR 18K Cr in homegrown startups by the end of the financial year 2023-24 (FY24), the Economic Survey 2024 said.

“Indian startups are spearheading innovation in the country with startups filing more than 12,000 patent applications from 2016 to March 2024,” the finance ministry said in a statement.

According to data compiled by Inc42, Indian startups raised $5.3 Bn in funding in H1 2024, down 2% from the same period last year.

The story will be updated soon.)