According to the Economic Survey 2023-24 presented by Union Finance Minister Nirmala Sitharaman, the number of DPIIT-recognised startups in India has surged to over 1.17 lakh in 2023, a significant increase from just 300 in 2016. This remarkable growth reflects the vibrant startup ecosystem in the country, supported by government initiatives and investments. The survey highlights the substantial impact of these startups on the economy, job creation, and technological advancements.
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- DPIIT-recognised startups have exceeded 1.17 lakh in 2023, up from 300 in 2016.
- 45% of these startups originated from Tier I and II cities.
- The startups have collectively created over 12.42 lakh direct jobs.
- 13,000 startups are focused on emerging technologies such as AI, IoT, robotics, and nanotechnology.
- Government initiatives like “simplification and handholding,” “funding support and incentives,” and “industry-academia partnerships” have driven this growth.
- More than 47% of the recognised startups have at least one woman director.
- The Fund of Funds for Startups scheme, launched in 2016, has committed over INR 10,500 crore to 135 alternative investment funds.
- These funds have invested over INR 18,000 crore in Indian startups by the end of FY24.
- Indian startups have filed over 12,000 patent applications from 2016 to March 2024.
- In H1 2024, Indian startups raised $5.3 billion in funding, marking a 2% decrease from the previous year.
