India achieves landmark milestone, over 75000 startups recognised so far
Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal on August 3 announced that India has achieved a milestone, recognizing 75000 startups in the country.
Out of the total recognized startups, about 12% are established in IT Services, 9% in Healthcare and Life Sciences, 7% in Education, 5% in Professional and Commercial Services and 5% in Agriculture.
So far, 7.46 lakh jobs have been created by the Indian startup ecosystem, an annual growth of 110 per cent in the last 6 years.
About 49% of these startups are from Tier II and Tier III.
India is the third largest start-up ecosystem in the world after the US and China.
44 Indian start-ups have achieved unicorn status in 2021, taking the total number of unicorns to 83.
Most unicorns are from the services sector.
Some of the successful Indian unicorns include Lenskart, Cred, Meesho, PharmEasy, Lycius, Grofers, etc.
Bangalore has been listed among 20 leading startup cities in the world in the 2019 Startup Genome Project Rankings.
Related Government Initiatives
SETU (Self-Employment and Talent Utilization) Fund - Rs 1,000 crore has been allocated by the government for creating self-employment and new jobs opportunities mainly in the technology driven domain.
Credit Guarantee Fund - It was launched by the Government of India to make available collateral-free credit to the micro and small enterprise sector.
Fund of Funds for Start-ups (FFS) - Under the Startup India programme, the government set up a Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore to provide funding support for startups.
Tax exemption - Tax exemption on capital gains tax, removal of angel tax, tax exemption for 3 years and tax exemption on investments above fair market value.
MUDRA Scheme - Through this scheme, start-ups get loans from banks to establish and grow their business.
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