NEW DELHI: The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1.4 lakh entities as start-ups as on June 30 this year, it informed Parliament on Friday.
These startups are eligible for a host of incentives, including income tax benefits under the Startup Indian Action Plan announced in 2016. The government launched the Startup India initiative on January 16, 2016 with an aim to build a strong ecosystem to foster innovation, startups and encourage investments in India’s startup ecosystem. “DPIIT has recognised 1,40,803 entities as startups as on June 30, 2024,” Minister of State for Commerce and Industry Jitin Prasad said in a written reply to the Rajya Sabha.
Of this, over 25,000 have been approved in Maharashtra, followed by Karnataka (15,019), Delhi (14,734), Uttar Pradesh (13,299) and Gujarat (11,436).In response to another question, the Minister also informed that under the Startup India Seed Fund scheme, approvals for startups through incubators stood at Rs 952 crore as of June 30, rising to Rs 1,861.9 crore by 2023.
The total number of startups selected by incubators under the scheme was 592, down against 1,025 in 2023. Similarly, under the fund of funds for startups, the amount invested in startups by backed AIFs (alternative investment funds) was Rs 805.86 crore as of June 30, against Rs 3,366.48 crore in 2023.
