Maharashtra, Karnataka and Delhi host 1.4 lakh growing startup community

New Delhi, July 27 (KNN) In a significant development for the Indian entrepreneurship sector, Union Minister of State for Commerce and Industry Jitin Prasad revealed that the number of startups in the country has crossed 1.4 lakhs.

The announcement, made in the Rajya Sabha, highlights the rapid growth of the Indian startup ecosystem.

According to data presented by Minister Prasada, Maharashtra is the leading state with 25,044 registered startups, followed by Karnataka with 15,019 and Delhi with 14,734. Uttar Pradesh and Gujarat round out the top five with 13,299 and 11,436 startups respectively.

The Minister highlighted the government’s proactive approach to supporting this growth. The Startup India initiative, launched on January 16, 2016, aims to build a robust ecosystem for innovation and entrepreneurship.

The initiative is underpinned by the ‘Startup India Action Plan’, which comprises 19 action points covering key areas such as simplification and outreach, financial support and incentives, and industry-academia partnerships.

Building on this foundation, the government introduced ‘Startup India: The Way Forward’, a comprehensive plan focusing on ease of doing business, technology integration with reforms, capacity building and promoting a digital Aatmanirbhar Bharat (self-reliant India).

To address the funding challenges, the government has set up a Startup Fund of Funds (FFS) with a capital of Rs 10,000 crore.

The fund, overseen by the Department for Promotion of Industry and Internal Trade (DPIIT) and managed by the Small Enterprise Development Bank of India (SIDBI), aims to meet the capital needs of startups at various stages of development.

Minister Prasada stressed that these efforts go beyond mere capital provision. The government is actively working to facilitate domestic capital raising, reduce dependence on foreign investment and encourage the growth of domestic venture capital funds.

As India cements its position as a global startup hub, these initiatives and the resulting surge in startup registrations herald a promising future for the country’s entrepreneurship ecosystem.

(KNN Office)