India Is Home To 73000 Startups And Creates 7.5 Lakh Jobs, Says DPIIT Out of the officially recognized startups, more than 45 per cent of the startups have at least a woman director

By Teena Jose

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According to the latest numbers released by the department for promotion of industry and internal trade (DPIIT), on Friday, India is home to 73,205 officially recognized startups that have created more than 7.5 lakh jobs in the country. It also says that, since 2016, a huge number of startups have been recognized by the government, when the flagship digital initiative was launched which made India the third-largest startup ecosystem in the world. As per data available, out of the officially recognized startups, more than 45 per cent of these startups have at least a woman director.

According to reports, the number of jobs created comes to 11 per startup. Earlier, the government had calculated the number of jobs created on a formula of each direct job in the sector leading to three indirect jobs. However, it is to be noted that the figures are self-reported by startups and not verified by the government. The data reveals that, earlier this year, the DPIIT had begun a plan to enable the creation of 20 lakh new jobs in the sector, officially registering 50,000 new startups over the next four years. Registered startups spread across more than 645 districts out of the 773 districts in the country, and are present in every state and union territory. There are 13,000 startups are registered on government e-marketplace portal and the DPIIT figures show they have fulfilled 1.1 lakh orders worth 5600 crore.

Shruti Singh, DPIIT joint secretary, said in a news report quoted as saying, "The government has already committed more than INR 7300 crore for 86 alternate investment funds (AIFs) as part of the larger funds of funds scheme. The government is also building a platform that would connect homegrown startups with domestic investors and it would be ready in the next two months. The ministry of corporate affairs is working on corporate governance norms for startups."

Earlier this week, government released the state startup ranking of 2021. As per the ranking report, the number of investors in the country increased by nine times since 2015, whereas there was seven times increase in the total funding of startups in the last seven years. As per market studies, India currently has more than 700 active incubators and 60 atal incubation centres across the country.

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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