That’s The Startup Jump In Just 9 Yrs
India’s youth today is gradually coming out of the government job mindset, says Union Minister Dr Jitendra Singh.
NEW DELHI, June 2 (The CONNECT) – The StartUp jump in the last nine years is a major success story of Prime Minister Narendra Modi-led government.
Before 2014, there were just about 350 StartUps, but after Prime Minister Narendra Modi gave the clarion call from the ramparts of the Red Fort in his Independence Day address in 2015 and rolled out special StartUp scheme in 2016, there was a quantum jump and India today has the world’s third largest StartUp ecosystem in the world, boasting 92,683 Startups with more than 115 unicorns (billion-dollar enterprises).
Union Minister Dr Jitendra Singh said in the year 2022 alone, 26,542 entities were recognised as Startups by the Department for Promotion of Industry and Internal Trade (DPIIT)as startups.
A NASSCOM study says tech start-ups created 23 lakh direct and indirect jobs in the year 2017-2021. Besides, startups have self-reported creation of a million jobs directly and many more indirectly since the launch of Startup India in 2016 when the total jobs created stood a meagre 10.
Coming as it does ahead of the Startup Summit to be organised by IVY Growth Associates from June 17, 2023, at Surat, the Minister’s statement assumes significance. The event will feature more than 200 start-ups from around the world who are committed to expanding the start-up ecosystem. BizNewsConnect is a media partner for the Surat Summit.
Interacting with Youth beneficiaries of Central Government schemes in Sambhal, Uttar Pradesh, the Minister said that the focus of the government in the last 9 years has not been just to create employment but also to build entrepreneurship.
Besides Startup India, the Modi Government also launched the StandUp India scheme on 5th April, 2016 to facilitate bank loans from Scheduled Commercial Banks (SCBs) between Rs.10 lakh to Rs.1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) and one woman per bank branch for setting up a greenfield enterprise in trading, services or manufacturing sector. The scheme is expected to benefit at least 2.5 lakh borrowers.
Dr Jitendra Singh said PM Modi wants our youth to become new entrepreneurs, new producers and create a complete network of start-ups by these new entrepreneurs across the whole country. PM Modi has a dream to make India Number One in the world of StartUp. PM Modi is of the firm belief that in the coming days “Start-up India” and “Stand-up India” will be there or the future of the country.
Dr Jitendra Singh said Indian Startups raised $44 billion in 2021, with over $ 33 billion going towards deals worth more than $5 million. Many Indian startups are domiciled outside India – despite having the majority of their market, personnel and founders in India. These “externalised” or “flipped” startups constitute a large number of India’s unicorns.
