DPIIT Recognizes 67,500 Women-Led Startups in India

(MENAFN-KNN India)
New Delhi, August 10 (KNN)
According to a recent report by the Ministry of Commerce and Industry, the startup ecosystem in India continues to grow, with nearly 67,500 startups, recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), boasting of at least one woman CEO.

As of June 30, 2024, as many as 1,40,803 new businesses have been established in the country since the government launched coordinated efforts to promote entrepreneurship.

Launched on January 16, 2016, Startup India is a cornerstone of India’s economic strategy to foster innovation and entrepreneurship across the country. The initiative has led to the creation of over 15.53 lakh direct jobs, making a significant contribution to the country’s employment landscape.

In the first half of 2024 alone, DPIIT recognised 23,549 new startups, indicating the rapid pace at which the startup culture is growing in India. The numbers were equally impressive in 2023, with 34,842 startups getting recognised. Maharashtra continues to lead the pack with 5,816 recognised startups, closely followed by Gujarat with 3,295.

The government’s comprehensive approach to supporting startups includes the implementation of several schemes such as the Startup India Action Plan, Startup India Seed Fund Scheme (SISFS) and Fund of Funds for Startups (FFS) Scheme.

FFS, set up with a capital of Rs 10,000 crore, has played a key role in meeting the financing needs of growing start-ups. DPIIT acts as the monitoring agency, while Small Industries Development Bank of India (SIDBI) acts as the operational agency for FFS.

One of the key platforms launched to support this ecosystem is the Startup India Online Hub, introduced in 2017. The hub serves as a virtual meeting place for startups, investors, academic institutions, incubators, accelerators and various government bodies, fostering collaboration and development in the community.

To further support the sector, Finance Minister Nirmala Sitharaman announced in the recent Budget that the controversial angel tax will be abolished for all groups of investors.

The move is expected to boost investment in startups, especially early-stage startups, fueling the next wave of innovation and economic growth in India.

The continued growth of start-ups, especially those led by women, underlines the dynamic potential of India’s entrepreneurship sector, which remains a key driver of the country’s economic ambitions.

(KNN Office)

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