It was recently announced on the floor of the parliament that the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1.40 lakh entities as startups across India. These startups are eligible for a host of incentives, including income tax benefits under the startup Indian action plan, which was announced in 2016. Out of this, over 25,000 are recognised in Maharashtra. It is followed by Karnataka (15,019), Delhi (14,734), Uttar Pradesh (13,299) and Gujarat (11,436).
With the objective of building a strong ecosystem for nurturing innovation, and startups and encouraging investments in the startup ecosystem of the country, the Union Government launched the Startup India initiative on 16th January 2016.
The Minister of State for Commerce and Industry, Mr. Jitin Prasdada, informed that under the Startup India Seed Fund Scheme, Rs 90.52 crore was approved to startups by incubators as of June 30th as against Rs 186.19 crore in 2023. The total number of startups selected by the incubators under this scheme was 592 as against 1025 in 2023. Similarly, under Fund of Funds for Startups, Rs 805.86 crore was invested in the startups by supported AIFs (Alternate Investment Funds) as of June 30th as against Rs 3,366.48 crore in 2023.
