Economy Focus: Shri Piyush Goyal announced that India has reached a milestone of 75,000 startups being recognized in the country

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri PiyushGoyal today announced that India has reached a milestone of 75,000 startups being recognized in the country. These numbers speak to the power of vision. He emphasized the vision that innovation and entrepreneurship drive growth.
The Department of Industrial Promotion and Internal Trade (DPIIT) recognized more than 75,000 startups – a milestone that coincides with the 75th year of independence. As India celebrates Azadika Amrit Mahotsav, India’s startup ecosystem continues to be fueled by innovation, enthusiasm and entrepreneurial spirit.
During his Independence Day speech from the Red Fort on 15 August 2015, Prime Minister Shri Narendra Modi envisioned a new India that would harness the entrepreneurial potential of its people. On January 16 the following year, a day now declared as National Startup Day, a program was launched to create an action plan to build a strong ecosystem to support innovation and startups in the country. After six years, the action plan has successfully led India to become the 3rd largest ecosystem. Also interesting is that while the first ten thousand startups were recognized in 808 days, the last ten thousand were reached in just 156 days. With more than 80 startups gaining recognition per day – the highest rate in the world, the future of startup culture is very promising and encouraging.
Startup India, which was primarily set up to provide an enabling environment for startups, has today evolved into a launching pad for them. From providing funding to tax incentives, from promoting intellectual property rights to facilitating procurement, from enabling regulatory reforms to access to international festivals and events, Startup India has become synonymous with sustainable economic growth.
Of the total number of recognized startups, approximately 12% are in IT services, 9% in healthcare and life sciences, 7% in education, 5% in professional and commercial services, and 5% in agriculture. India’s startup ecosystem has created an impressive 7.46 million jobs so far, representing a 110% annual growth over the last 6 years. The fact that today about 49% of our startups are from Tier II and Tier III is a confirmation of the huge potential of our country’s youth.

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