The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised more than one startup every hour in May 2019. While, the total number of identified startups since the launch of Startup India scheme in 2016 is around 18,861, the government said
Startup India initiative, launched by Prime Minister Narendra Modi in January 2016, is the flagship initiative of the government, which intends to build a strong ecosystem for the growth of start-up businesses to drive sustainable economic growth and generate employment opportunities and provides tax and other incentives to eligible startups.
“In May 2019, only 814 startups have received recognition. This is more than 1 startup every hour,” Ramesh Abhishek, DPIIT secretary said.
Each direct job creating three times indirect jobs takes the number of total jobs churned out by these startups is estimated at more than 5.6 lakh, Abhishek added.
According to Abhishek, total 244 startups have secured capital of Rs 1,561 crores while SIDBI has committed Rs 2570 crores to 45 venture capital funds from the Rs 10,000 crore Fund of Funds. This has catalyzed funding of over Rs 25000 crore.
“So far, 1,496 startups have been given 80 per cent rebate in patent filing fees while 2,761 startups have received 50 per cent rebate in trademark filing fees. Moreover, 389 startups avail expedited examination. 103 patents are granted. The fastest patent was granted in 81 days,” Abhishek further said.
In April, DPIIT had launched its Vision Document 2024 announcing multiple sops and support structures for startups.
The document targets facilitating the launch of 50,000 new startups by 2024 and 20 lakh direct and indirect job creation.
The job creation by the DPIIT recognised startups has also been significant. So far, 1,87,004 jobs have been reported by 16,105 startups that come out to be over 11 direct jobs per startup on average.