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India Has Now Over 1 Lakh Government Recognized Startups: Piyush Goyal The minister highlighted the success of the Startup India initiative and stated that the nation has witnessed remarkable growth from 450 startups in 2016 to more than 1 lakh startups in 2023

By Teena Jose

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Piyush Goyal

The minister of commerce and industry Piyush Goyal said that India has crossed 1 lakh government-registered startups under the Startup India initiative.

While addressing an event in New Delhi, the minister highlighted the success of the Startup India initiative and stated that the nation has witnessed remarkable growth from 450 startups in 2016 to more than 1 lakh startups in 2023, recognised by the Department for Promotion of Industry and Internal Trade.

According to the minister's address reported by PTI, India is the third largest startup ecosystem in the world. Reportedly, earlier in a written response to the Rajya Sabha during this year's monsoon session, Som Prakash, Minister of State in the Commerce Ministry stated that Maharashtra with 4,801 registrations, Uttar Pradesh with 2,572 registrations and Delhi with 2,567 registrations were the top three hubs of startups in terms of registrations in 2022.

According to the data by Prakash, 26,522 new startups were registered in 2022 under the Startup India initiative by the government, up by 32.6% from 19,989 startup registrations in 2021. In another report shared by Rao Inderjeet Singh, MoS Corporate Affairs, there are more than 3,000 fintech startups registered by the DPIIT.
Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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