The Department for the Promotion of Industry and Internal Trade (DPIIT) has recognized 50,000 start-ups, enabling them to avail the tax benefits provided to them and other incentives given by the government under the programme launched by them- Start-up India.
In just 180 days the last 10,000 startups were added, while in 808 days the first 10,000 since the inception of the initiative were added. In the first year of the initiative 743 startups were recognized which has now touched the figure of 16,000 in the year 2020-2021. The statement by DPIIT said, “743 startups were recognized in 2016-2017, in the first year of the initiative, which has now increased exponentially to over 16,000 startups being recognized in the year 2020-2021.”
Start-ups which wish to apply for an exemption from the ‘angel tax’ can only avail these facilities once recognised by DPIIT. “Under the Startup India policy, entrepreneurs have options to avail benefits across a range of laws, regulations, fiscal and infrastructural support, leading to a surge in startup ecosystem growth,” said the statement.
“With the launch of the Startup India initiative, recognized startups have now spread across 623 districts. Each State and UT has at least one startup. 30 States and UTs have announced specific Startup policies to support startups. Maharashtra, Karnataka, Delhi, Uttar Pradesh and Gujarat have the greatest number of startups,” DPIIT said in a statement.
The maximum numbers of registration came from the sectors like food processing, product development, application development, IT consulting and business support services. “The leadership teams of 45% of startups have a woman entrepreneur, a trend which will inspire more women entrepreneurs to turn their ideas into startups,” the statement said.
“The recognized startups have contributed significantly to job creation, with 5,49,842 jobs reported by 48,093 startups with an average number of 11 employees per startup. About 1.7 lakh jobs were created by recognized startups in the 2020-2021 period alone,” it added.
“Startup India at DPIIT has played a pivotal role in strengthening the key pillars identified for our startup economy. Funding opportunities to startups have been enhanced through the Fund of Funds Scheme with an overlay of ₹10,000 crore and the recently launched Startup India Seed Fund Scheme (SISFS) with an outlay of ₹945 crore,” DPIIT further said.