Startups Recognized by DPIIT Create Over 16.67 Lakh Jobs Across 55 Industries
- ByStartupStory | December 7, 2024
The Indian government has announced that startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT) have created over 16.67 lakh direct jobs across more than 55 industries as of October 31, 2024. The announcement was made in a written reply to the Rajya Sabha by Commerce and Industry Minister Piyush Goyal.
Startups in the IT services sector contributed the most, creating 2.04 lakh jobs, followed by 1.47 lakh jobs in healthcare and life sciences, 94,060 jobs in professional and commercial services, 90,414 jobs in the education sector, 88,702 jobs in the construction sector, 88,468 jobs in food and beverage, and 87,983 jobs in human resources.
Economic Survey Highlights Startup Growth
The Economic Survey 2023-24, presented in July by Union Finance Minister Nirmala Sitharaman, noted a significant increase in DPIIT-recognized startups. The number grew from just 300 in 2016 to over 1.17 lakh in 2023, with 45% of these startups emerging from Tier I and Tier II cities.
“These recognised startups have reportedly created more than 12.42 lakh direct jobs creating significant economic impact,” the survey stated.
Government Initiatives Boost Startup Ecosystem
To nurture India’s thriving startup ecosystem, the government has launched multiple flagship schemes under the Startup India initiative. Programs such as Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS) have provided vital financial support to entrepreneurs.
Additionally, the Ministry of Electronics and Information Technology’s TIDE 2.0 scheme has set up 51 incubation centers, offering both financial and technical assistance to young businesses.
India’s Startup Ecosystem: A Global Leader
India has emerged as the third-largest startup ecosystem in the world, boasting 118 unicorns and 112 soonicorns. According to Inc42’s latest data, Indian startups raised $8.7 billion in funding during the first nine months of 2024, marking a 20% year-on-year increase from $7.2 billion in the same period of 2023.
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