Question
How many recognized startups did India have by the end
of 2024?Solution
India's Startup Revolution: A Decade of Progress and Innovation India has marked a decade of substantial progress in its startup ecosystem, now ranking as the third-largest globally. Highlights of India’s Startup Ecosystem • Scale and Growth: The startup ecosystem has expanded from 502 recognized startups in 2016 to 1,57,706 by the end of 2024. • Job Creation: Startups have generated over 17.28 lakh direct jobs, with significant contributions from the IT Services, Healthcare & Lifesciences, and Professional & Commercial Services sectors. • Women's Participation: There are 75,935 startups with at least one woman director, highlighting the increasing role of women in entrepreneurship. Key Government Initiatives and Schemes • Startup India: Launched in January 2016 to foster innovation and create a supportive ecosystem for startups. • Startup India Seed Fund Scheme (SISFS): Provides funding support for proof of concept, prototype development, product trials, and market entry. • Fund of Funds for Startups (FFS): Aims to provide startups with access to domestic capital through SEBI-registered AIFs. • Credit Guarantee Scheme for Startups (CGSS): Offers credit guarantees to startups to ease access to funding. • Atal Innovation Mission (AIM): Focuses on promoting innovation at the school level through Atal Tinkering Labs and supporting startups via Atal Incubation Centres. • MeitY Startup Hub (MSH): Supports the technology startup ecosystem by ensuring synergies among various stakeholders.
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