Indian Startups Create Over 16 Lakh Jobs, Emerging as Key Drivers of Employment and Innovation
- ByStartupStory | December 26, 2024
The Indian startup ecosystem continues to demonstrate its pivotal role in driving economic growth and job creation, with over 16 lakh jobs generated by 1.57 lakh startups recognized under the Startup India initiative as of December 25, according to the commerce and industry ministry.
“Startups have created over 1.6 Mn jobs across the country, demonstrating their role as significant employment generators,” the ministry said in its notification on Wednesday.
The Department for Promotion of Industry and Internal Trade (DPIIT) further revealed that India is currently home to more than 73,000 startups with at least one women director, showcasing the increasing participation of women in the entrepreneurial ecosystem.
“India has emerged as … the third largest startup hub” globally, with over 100 unicorns, the ministry noted. The growth of startups has been fueled by the widespread availability of affordable internet and a young workforce, leading to significant advancements in sectors such as fintech, edtech, healthtech, and ecommerce.
Recognized globally for their innovation, startups like Zomato, Ola, and Nykaa have successfully expanded operations beyond India, positioning the country as a strong contender in international markets.
Homegrown startups are also embracing cutting-edge technologies such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to tackle both local and global challenges.
The Startup India initiative, launched in January 2016, has been instrumental in nurturing innovation and fostering investment. Under this program, 157,066 startups have been recognized by DPIIT, and 759,303 users have registered on the portal to date. DPIIT-recognized startups benefit from various incentives, including schemes like the Fund of Funds for Startups (FFS).
Apart from Startup India, the government has launched several other initiatives to bolster the startup ecosystem, including the Atal Innovation Mission (AIM) and the National Initiative for Developing and Harnessing Innovations (NIDHI).
In a significant boost to specific sectors, the union agriculture ministry in August introduced an INR 750 Cr ‘AgriSURE’ fund aimed at supporting agritech and rural area-focused startups. Additionally, the Centre is set to operationalize an INR 1,000 Cr venture capital fund for the spacetech sector by the June quarter of the next fiscal year.
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