Over 1.43 Lakh DPIIT Recognized Startups Driving Innovation: Minister Prasada

(MENAFN-KNN India)
New Delhi, Aug 3 (KNN)
In a significant milestone for India’s burgeoning startup ecosystem, the country now boasts over 1.43 lakh startups recognized by the Department for Promotion of industry and Internal Trade (DPIIT) as of July 31, 2024.

This remarkable growth is attributed to the government’s relentless efforts under the Startup India initiative, which has been instrumental in nurturing and supporting innovative enterprises across the nation.

The Minister of State for Electronic & Information Technology, Jitin Prasada, recently highlighted the government’s multifaceted approach to startup development in a written reply to the Rajya Sabha.

The flagship schemes, including the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), have been pivotal in supporting startups at various stages of their business cycle, enabling them to attract investments and secure loans from financial institutions.

The Ministry of Electronics and Information Technology (MeitY) has been at the forefront of this startup revolution, implementing several key initiatives.

The Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, launched in 2019 with an outlay of Rs 264.62 crores, has already supported 51 incubation centers, fostering ICT startups that leverage emerging technologies.

Another significant initiative is the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme.

This program aims to accelerate IT-based startups by providing funding support of up to INR 40 lakh and has already selected 22 accelerators across 14 states to support 175 startups in its first cohort.

The Next Generation Incubation Scheme (NGIS) is set to make a substantial impact on the software product ecosystem, particularly in Tier-2 and Tier-3 cities. With a budget of Rs 95.03 crores, it aims to nurture 300 tech startups over three years across 12 locations.

MeitY has also established 42 Centers of Excellence (CoEs) in various domains of national interest, driving innovation and self-sufficiency in emerging technologies.

Additionally, theme-based incubation centers focusing on electronic system design and manufacturing have been set up in collaboration with academic institutions and state governments.

The government’s commitment to the startup ecosystem is evident in the numbers: over the past five years, approximately 10,000 tech startups have received support through various schemes, with a total funding disbursement of about Rs 580 crores. MeitY alone has supported 3,600 tech startups with a funding of Rs 212 crores.

(KNN Bureau)

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