India’s entrepreneurial landscape is witnessing transformation. Number of startups has surpassed 1.4 lakhs. It is a milestone. Union Minister of State for Commerce and Industry, Jitin Prasada, highlighted the rapid growth of India’s startup ecosystem.
Maharashtra is leading with 25,044 registered startups. Karnataka follows with 15,019. Delhi startups count is 14,734.strong numbers are also witnessed in Uttar Pradesh and Gujarat with 13,299 and 11,436 startups respectively. The distribution highlights widespread entrepreneurial activity across the country.
Proactive approach of the government has been pivotal in fostering growth of startups. Initiative Startup India was launched in 2016 and it aims to create a robust ecosystem for innovation and entrepreneurship in the country. ‘Startup India Action Plan’ is the cornerstone of the initiative.
Government later introduced ‘Startup India: The Way Ahead’ with an aim to enhance the ease of doing business, integrating technology in reforms, capacity building and promoting a digital Aatmanirbhar Bharat (self-reliant India).
Fund of Funds for Startups (FFS) was introduced with a corpus of Rs 10,000 crore to tackle funding challenges. It was monitored by the Department for Promotion of Industry and Internal Trade (DPIIT) and operated by the Small Industries Development Bank of India (SIDBI). It aims to meet the capital needs of startups at various growth stages. The government is also lately focusing on facilitating of domestic capital raising as well as reducing reliance on foreign investments. It is encouraging the growth of homegrown venture capital funds as well.
India is gradually strengthening its position as a leader in the global startup hub segment. The surge in new startups shows a bright future for the country’s entrepreneurs. The efforts of government as well as the entrepreneurial spirit are making India a leader in innovation and startup growth.
