Booming Indian Startup Scene: 98K Ventures Generate 1.03M Job Opportunities
- ByStartupStory | August 10, 2023
As of April 30, 2023, more than 98,000 recognized startups in India had generated over 1.03 million direct jobs. Union Commerce and Industry Minister Piyush Goyal stated in the Lok Sabha that there hasn’t been a slowdown in the growth of startups in the country. The Indian government has been implementing initiatives under the Startup India program, which was launched on January 16, 2016.
The number of recognized startups has surged from 428 in 2016 to 98,119 as of April 30, 2023, highlighting a remarkable Compound Annual Growth Rate (CAGR) of 142% during the 2016–2022 period. This growth underscores the continuous strength of the Indian startup ecosystem.
Initiatives under the Startup India program include schemes like the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), aimed at supporting startups at different stages of their business cycle. These initiatives enable startups to progress to a point where they can secure funding from angel investors, venture capitalists, or loans from banks and financial institutions.
Over the past year, India has added more than 1,000 startups. These startups not only contribute to direct job creation within their organizations but also trigger job growth in related sectors like e-commerce, fintech, edtech, and health tech. They also play a role in the expansion of gig economy jobs.
The government has established the Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore to address startups’ funding requirements. Goyal emphasized that programs such as the State Startup Ranking, the National Startup Awards, and Innovation Week, which are conducted annually, significantly contribute to the comprehensive development of the startup ecosystem.
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