NEW DELHI, Feb 1: India has firmly established itself as the third-largest startup ecosystem globally, with over 1.57 lakh startups recognised as of December 31, 2024, according to Ministry of Commerce and Industry.
This growth is marked by the creation of 17.28 lakh jobs, highlighting the profound transformation of the nation’s entrepreneurial landscape.
Spearheaded by major hubs such as Bengaluru, Hyderabad, Mumbai, and Delhi-NCR, India’s startup ecosystem has also seen significant contributions from Tier II and III cities, with more than 51% of new startups emerging from these regions.
The government’s flagship initiative, Startup India, launched on January 16, 2016, has played a pivotal role in supporting this growth. The programme aims to foster innovation, drive economic development, and generate employment opportunities.
Over the years, Startup India has facilitated job creation, with the IT services sector leading in job generation, followed by Healthcare & Lifesciences and Professional Services. Notably, women entrepreneurs have also made remarkable strides, with 75,935 startups reporting at least one woman director.
A range of initiatives, such as the Startup India Seed Fund Scheme (SISFS) and the Fund of Funds for Startups (FFS), have provided financial backing to startups at various stages of their journey.
The SISFS, with a corpus of 945 crore, has supported over 2,600 startups. Meanwhile, the FFS scheme has catalysed investments of 21,276 crore in 1,173 startups by facilitating access to domestic capital.
As of December 2024, startups have contributed significantly to job creation, with more than 17 lakh direct jobs across various sectors. Women-led startups have also gained momentum, with a notable rise in the number of female entrepreneurs contributing to India’s dynamic startup ecosystem.
Other notable initiatives include the Atal Innovation Mission (AIM), which promotes innovation at the grassroots level, and the MeitY Startup Hub (MSH), which connects over 30,000 tech startups. These platforms provide essential resources, networking opportunities, and incubators to help startups thrive.
The last decade has seen India’s startup ecosystem rise to new heights, supported by strategic government interventions and an enabling environment for innovation. As India continues to nurture and support its entrepreneurial ecosystem, the nation is poised for even greater achievements, with new startups contributing to the growth of the economy and the creation of future job opportunities.
(UNI)
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