India’s entrepreneurial landscape is showing signs of transformation as the number of startups has crossed 140,000 marking a milestone. Union Minister of Commerce and Industry Jitin Prasada highlighted the rapid growth of India’s startup ecosystem.
Maharashtra leads the way with 25,044 registered startups. Karnataka follows with 15,019. Delhi has 14,734 startups. Uttar Pradesh and Gujarat also have high numbers of startups with 13,299 and 11,436 startups respectively. This distribution highlights the widespread entrepreneurial activity across the country.
The government’s proactive approach has been crucial in fostering the growth of startups. The Startup India initiative was launched in 2016 and aims to build a strong ecosystem for innovation and entrepreneurship in the country. The Startup India Action Plan is the linchpin of this initiative.
The government subsequently introduced ‘Startup India: The Way Forward’ with an aim to improve ease of doing business, integrate technology in reforms, develop skills and drive a Digital Atmanirbhar Bharat (self-reliant India).
The Fund of Funds for Startups (FFS) was introduced with a capital of Rs 10,000 crore to address the funding challenge. It is monitored by the Department of Promotion of Indian Industry (DPIIT) and run by the Small and Medium Enterprises Development Bank of India (SIDBI). It aims to meet the funding needs of startups at various stages of growth. The government has also recently laid emphasis on promoting domestic funding and reducing dependency on foreign investment. It is also encouraging the growth of domestic venture capital funds.
India is gradually strengthening its position as a leader in the global startup hub space. The surge in new startups indicates a bright future for Indian entrepreneurs. Government efforts and entrepreneurial spirit have made India a leader in innovation and startup growth.
