Prasada highlighted programmes implemented by the government to support and promote startups. (News18 File)
The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 1.4 lakh startups as of June 30, 2024, creating over 15.5 lakh direct jobs, Ministers of State for Commerce and Skill Development Jitin Prasada and Jayant Chaudhary, respectively, told Parliament.
Maharashtra (25,044), Karnataka (15,019), Delhi (14,734), Uttar Pradesh(13,299) and Gujarat (11,436) have emerged as the top states, becoming major hubs for entrepreneurial activity and attracting significant investments and talent. The states or UT with the lowest numbers of startups include Lakshadweep (3), Sikkim (11), Ladakh (16), Mizoram (32), Arunachal Pradesh (38), Meghalaya (52), Dadra and Nagar Haveli and Daman and Diu (53), Andaman and Nicobar Islands (59) and Nagaland (66).
Chaudhary emphasised the significant impact of startups on job creation, while Prasada highlighted programmes implemented by the government to support and promote startups.
For example, the Startup India Action Plan, initiated in January 2016, aims to simplify processes, provide funding and promote industry-academia partnerships. This plan laid the foundation for various supportive measures, including the Startup India Seed Fund Scheme, which offers financial assistance for proof of concept, prototype development, product trials, market-entry and commercialization.
The Fund of Funds for Startups addresses funding needs across different growth stages, with a corpus of Rs 10,000 crore. Credit Guarantee Scheme for Startups provides credit guarantees for loans extended to DPIIT-recognized startups by Scheduled Commercial Banks, Non-Banking Financial Companies (NBFCs) and Venture Debt Funds (VDFs).
Regulatory reforms have enhanced the ease of doing business, with over 55 changes implemented since 2016. Startups can self-certify compliance with nine labour and three environmental laws and enjoy income tax exemptions for three out of their first 10 years of operation. The minister also spoke about the Startup India Hub, launched in 2017, which connects stakeholders across the entrepreneurial ecosystem.
Intellectual property protection is facilitated through fast-tracked patent applications and significant fee rebates. International market access is promoted through partnerships with around 20 countries, fostering cross-border collaboration and global market reach. These initiatives collectively create a robust ecosystem for startups to thrive and scale.
Other programmes and schemes include the Atal Innovation Mission, the National Initiative for Developing and Harnessing Innovations (NIDHI), the Innovations for Defense Excellence (iDEX), and various region-specific initiatives aimed at fostering entrepreneurship and innovation.
