Over 1.43 Lakh DPIITs Recognize Innovation-Driven Startups: Minister Prasad

New Delhi, August 3 (KNN) This is a significant milestone for India’s burgeoning startup ecosystem – the country boasts of over 1.43 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of July 31, 2024.

This remarkable growth is the result of the government’s sustained efforts under the Startup India initiative, which has played a key role in nurturing and supporting innovative enterprises across the country.

Minister of State for Electronics and Information Technology, Jitin Prasada, recently in a written reply to the Rajya Sabha emphasised the government’s multi-faceted approach towards startup development.

Flagship programmes including Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) have played a key role in supporting startups at various stages of their business cycle, enabling them to attract investments and get loans from financial institutions.

The Ministry of Electronics and Information Technology (MeitY) is at the forefront of this startup revolution and is implementing a number of key initiatives.

The Technology Incubation and Entrepreneur Development Programme (TIDE 2.0), launched in 2019 with an outlay of Rs 264.62 crores, has already supported 51 incubation centres to support ICT startups leveraging new technologies.

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

The aim of this programme is to accelerate the growth of IT startups by providing financial support of up to Rs 40 lakh. It has already selected 22 accelerators in 14 states that will support 175 startups in the first batch.

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

Under MeitY, 42 Centres of Excellence (CoEs) have also been set up in various areas of national importance, contributing to innovation and self-sufficiency in new technologies.

In addition, in cooperation with academic institutions and state authorities, thematic incubation centers have been established focusing on the design and manufacturing of electronic systems.

The government’s commitment to the startup ecosystem is visible in the numbers: in the last five years, around 10,000 tech startups have been supported through various schemes, with total disbursement of around Rs 580 crores. MeitY alone has supported 3,600 tech startups with funding to the tune of Rs 212 crores.

(KNN Office)