Startup Ecosystem

DPIIT-Recognised Startups Cross 1.25 Lakh in FY 23-24: Economic Survey

• ByStartupStory     |    July 23, 2024

The number of recognised startups in India has surpassed 1.25 lakh in the fiscal year 2023-24, showcasing a significant increase from just 300 in 2016, according to the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman in Parliament. This growth reflects the country’s dynamic and rapidly evolving startup ecosystem.

The survey highlights a remarkable increase in the number of patents granted, which has surged seventeen-fold from 5,978 in 2014-15 to an impressive 1,03,057 in 2023-24. This surge is indicative of India’s advancing industrial research and development capabilities, bolstering its consistent improvement in the Global Innovation Index.

Finance Minister Nirmala Sitharaman stated, “Over 45% of startups emerged from Tier II and Tier III cities and the number of Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups increased to more than 1.25 lakh by March 2024 from 300 in 2016.”

A Press Information Bureau (PIB) release underscored the role of Indian startups in driving innovation, with over 12,000 patent applications filed between 2016 and March 2024. Additionally, the survey noted that 135 Alternative Investment Funds have invested more than Rs 18,000 crore in startups by the end of FY24.

The Bharat Startup Knowledge Access Registry, another key initiative, aims to integrate diverse stakeholders within the startup ecosystem. Furthermore, the Government’s plan to establish the Anusandhan National Research Foundation (ANRF) with an estimated budget of Rs 50,000 crore for 2023-28 underscores its commitment to providing strategic direction for scientific research in the Indian industry.

The survey also reported a significant increase in registered designs, which rose from 7,147 in 2014-15 to 30,672 in 2023-24, further highlighting the innovative strides being made in the country.

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