Indian Startups' Success Rate Higher Than Rest Of the World: Goyal By the end of November, 84,012 startups were recognised by the commerce ministry

By Soumya Duggal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Union Minister Piyush Goyal

The success rate of startups in India is relatively higher than the rest of the world, Union commerce minister Piyush Goyal said while answering a question in the Lok Sabha on Tuesday.

During the Question Hour of the Upper House, Goyal informed that 84,012 entities have been recognised as startups from across the country as on November 30, 2022, by the Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry of commerce and industry.

Further, the number of recognised startups in India has increased from 452 in 2016 to 84,012 in 2022, noted the minister. Almost 90 per cent of start-ups fail across the world with 10 per cent failing within the first year.

Goyal also recounted a number of initiatives undertaken by the centre to facilitate the expansion of the Indian startup ecosystem: Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle.

In particular, SISFS aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. "It is implemented with effect from 1st April 2021 with a corpus of INR 945 crore. 126 incubators have been approved so far for the support of INR 455.25 crore and INR 186.15 crore has been disbursed under the scheme," stated Goyal.

"The government also implements flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem," he added.

Soumya Duggal

Former Feature Writer

Science & Technology

Want to Make Money With AI? Here Are Easy Steps to Unlock Explosive Profits in 2025

Learn to turn Google AI Studio into a profit-boosting machine with this three-step framework. Train AI to analyze data, uncover sales opportunities and maximize profits.

Side Hustle

'I Was Called Crazy': This 27-Year-Old's Side Hustle Hit $30,000 a Month in Under a Year — Now It's Worth Millions

Changing regulations forced Angel Rodriguez's jet ski rental company to shut down, and the young entrepreneur had to figure out his next move — fast.

Growing a Business

The 10 Best Podcasts Every Entrepreneur Should Listen to for Growth, Strategy and Success

Unlock your potential with the 10 must-listen podcasts for entrepreneurs, offering expert insights on growth, strategy and success.

Growing a Business

4 Advanced Marketing Tactics for Small Businesses That Actually Work

Small businesses can adopt advanced marketing strategies to stand out and achieve sustainable growth. Techniques like personalization, content clusters and virtual events help build stronger customer connections and deliver real results.

Branding

Want to Be a Better Entrepreneur? It All Starts with This Simple Branding Strategy.

As an entrepreneur, getting your personal brand right can make or break your business. Here are my thoughts on how to do it.

Growth Strategies

JLR To Ramp Up Production Of Made In India Range Rover & Range Rover Sport; To Focus On SV Variants: Rajan Amba

We are focusing on tailor made limited edition cars, specifically for the Indian market, catering to the high net worth individuals (HNIs), says Rajan Amba, MD, JLR India