Union Minister Jitendra Singh: StartUps in India Grow 300 Times in Last 9 Years

• ByStartupStory     |    April 10, 2023

According to Union Minister Dr Jitendra Singh the number of StartUps in India has grown 300 times over the past 9 years, as mentioned at the National Innovation Awards event organized by the Union Ministry of Science & Technology. Prior to 2014, there were approximately 350 StartUps, but following the implementation of the StartUp scheme in 2016, the number of StartUps has skyrocketed to over 90,000, including more than 100 Unicorns. This is a noteworthy achievement for the Indian StartUp ecosystem.

Union Minister Dr Jitendra Singh highlighted that the opening up of the Space sector for private participation by PM Modi’s government has resulted in the emergence of over 100 StartUps in the sector in just three years. Additionally, the number of Biotech StartUps has surged from 50 to nearly 6,000. PM Modi himself acknowledged the inspiring journeys of those who build StartUps and commended the innovative spirit of the Indian youth. The growth of StartUps in India is a testament to the country’s entrepreneurial potential and Yuva Shakti.

The sustained efforts of the Indian Government have resulted in a remarkable increase in the number of recognized StartUps from 452 in 2016 to 84,012 as of 30th November 2022. To achieve the objectives of the Startup India initiative, the Government has introduced an Action Plan that includes 19 action items, covering crucial areas such as “Simplification and Handholding,” “Funding Support and Incentives,” and “Industry-Academia Partnership and Incubation.” These initiatives are aimed at creating a dynamic StartUp ecosystem in the country, enabling entrepreneurs to thrive and succeed.

 

Union Minister Dr Jitendra Singh expressed his confidence in the youth of India, stating that they possess abundant talent, capability, innovation, and creativity. He credited the support of PM Modi’s government for nurturing the innovative talent of the youth, including those from rural areas. This has resulted in an impressive pool of young entrepreneurs in the country, driving the growth of the StartUp ecosystem.  

The Indian Government has implemented several schemes to support the funding needs of StartUps, including the Fund of Funds for StartUps (FFS) Scheme, which has a corpus of Rs. 10,000 crore. The FFS is aimed at providing financial assistance to StartUps, enabling them to scale up their operations. Additionally, the Credit Guarantee Scheme for StartUps (CGSS) has been established to provide credit guarantees to loans extended to DPIIT-recognized StartUps by Scheduled Commercial Banks, Non-Banking Financial Companies (NBFCs), and Venture Debt Funds (VDFs) under SEBI-registered Alternative Investment Funds. These initiatives aim to provide StartUps with access to the necessary funding, enabling them to focus on growth and innovation.

The Indian Government has undertaken more than 50 regulatory reforms since 2016 to enhance the ease of doing business, ease of raising capital, and reduce the compliance burden for the StartUp ecosystem. In a recent event celebrating the 20th Anniversary of the Association of Biotechnology Led Enterprises (ABLE), Union Minister Dr. Jitendra Singh highlighted India’s emergence as a major bioeconomy with rapidly growing biotech StartUps. He also pointed out that India has developed four indigenous vaccines in just two years under “Mission COVID Suraksha,” augmented the manufacturing of Covaxin, and established the necessary infrastructure for the smooth development of future vaccines, making the country pandemic-ready. The Indian Government aims to achieve a Bioeconomy target of $300 billion by 2030 and $1 trillion by the centenary celebration of India @100. 

Calling all entrepreneurs, investors and business owners! The wait is finally over. The 2nd edition of Startup Story B2B Connect is back with a bang – and this time, we’re taking it up a notch. With more startups, more investors and bigger opportunities than ever before, this is your chance to connect, collaborate and take your business to the next level. Get ready for an unforgettable networking experience that’s set to change the game. Stay tuned for all the exciting updates! Register Now Here.

Follow Startup Story