Piyush Goyal: Startups Contribute to the Creation of More Than 1.034 Million Direct Jobs

• ByStartupStory     |    August 11, 2023

Union Minister Piyush Goyal has emphasized the substantial employment impact of recognized startups in India, dismissing any concerns about a slowdown in the nation’s startup growth trajectory. Goyal, during his recent address to the Lok Sabha, highlighted that a notable group of 98,119 officially acknowledged startups has collectively generated over 1.034 million direct job opportunities as of April this year.

The surge in direct job creation by recognized startups over the past three years is notable. In 2020, these startups generated 1,59,803 jobs, followed by 2,01,144 in 2021 and a further 2,70,196 in 2022. Goyal attributes this growth to the consistent efforts of the government under the Startup India initiative, which has propelled the number of recognized startups from a mere 428 in 2016 to the impressive tally of over 98,000 by April this year.

The Startup India initiative, launched on January 16, 2016, was designed to foster a robust ecosystem for nurturing innovation and startups, while also encouraging private investments within the country’s startup landscape.

In line with the objectives of the Startup India initiative, the government introduced an Action Plan for Startups, encompassing various schemes and incentives aimed at cultivating a dynamic startup ecosystem nationwide. This comprehensive Action Plan comprises 19 key action items, spanning categories such as “Simplification and Handholding,” “Funding Support and Incentives,” and “Industry-Academia Partnership and Incubation.”

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