India records 1.4 lakh startup registrations; UP overtakes Gujarat to close in on Delhi

New Delhi (India), July 27 (ANI): The number of startups in India has increased to over 1.4 lakh, Minister of State for Commerce and Industry Jitin Prasada highlighted in Rajya Sabha.

As per the minister’s written reply in the House on Friday, the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) across states/union territories showed that Maharashtra tops the list with 25,044 registered startups.

Karnataka is in second place with 15,019 registered startups, followed by Delhi with 14,734 startups. Uttar Pradesh secured the fourth spot with 13,299 startups, while Gujarat is in fifth place with 11,436 startups.

The Minister also informed that the government has taken various steps to promote and support startups in the country. He stated that the government, with an aim to build a strong ecosystem to nurture innovation, startups and encourage investments in the startup ecosystem in the country, launched the Startup India initiative on January 16, 2016.

The minister also added that the ‘Startup India Action Plan’ has 19 action items covering areas like ‘Simplification and Assistance’, ‘Financial Support and Incentives’ and ‘Industry-Academia Partnership and Incubation’. The action plan has laid the foundation of government support, schemes and incentives envisaged to create a vibrant startup ecosystem in the country.

Another scheme, ‘Startup India: The Way Ahead’, has actionable plans for ease of doing business for startups, greater role of technology in driving various reforms, capacity building of stakeholders and enabling a digital Aatmanirbhar Bharat. The government has also set up a Fund for Funds for Startups (FFS) with a capital of Rs 10,000 crore to meet the financial needs of startups. DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operational agency for the FFS. A total capital of Rs 10,000 crore is to be infused in the 14th and 15th cycles of the Finance Commission based on the progress of the scheme and availability of funds.

The minister said the government has not only made capital available to startups at early, seed and growth stages, but has also played a catalytic role by facilitating domestic capital raising, reducing dependence on foreign capital and encouraging the creation of domestic and new venture capital funds. (ANI)