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New Delhi8 hours ago
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- The number of registered startups in DPIIT was 504 in 2016.
- The number of DPIIT registered startups reached 42,733 in 2020.
Under the Startup India Initiative, the number of government-recognized startups has increased nearly 85-fold. The Startup India program was launched by Prime Minister Narendra Modi in January 2016. According to the Commerce Ministry data, the number of registered startups in the Department of Industry Promotion and Internal Trade (DPIIT) was just 504 in 2016, which increased to 42,733 in 2020.
The number of recognized startups increased to 5,420 in 2017 and 8,946 in 2018. The number of such startups increased to 11,683 in 2019 and 14,778 in 2020. The annual growth rate of the number of recognized startups, however, has been falling. The rate was 975% in 2016-17, which decreased to 65% in 2017-18, 30.5% in 2018-19 and 26.5% in 2019-20.
The number of startups recognized on 17 February 2021 was over 44,000.
As of March 2018, 8,939 startups were recognized according to a report by Financial Express Online. Recently, Minister of State for Commerce and Industry Som Prakash said in a written reply in the Lok Sabha that the number of recognized startups as on 27 January 2021 was 1,402. However, according to data from the Startup India platform, on 17 February 2021, the number of recognized startups increased to 44,000.
Accredited startups get investment from SIDBI’s FFS
SIDBI may invest Rs 10,000 crore from the Fund of Funds for Startups (FFS) in recognized startups. According to the media report, as of 31 January 2021, an investment of Rs 5,089.55 crore was made from FFS in 391 government-recognized start-ups. However, the number of startups taking funds has increased by just 22%. As of 18 February 2020, the number of startups taking funds under this program was 320. Some of the major startups that have received funds from FFS include Danjo, Curefit, FreshTohome, Jumbotel, Unacademy, Unifor, Vedantu, Vogo, Jostal etc.
He is considered a startup for 10 years from the inception of the business
Significantly, both registration on Startup India portal and registration for DPIIT accreditation is different. Startups cannot get DPIIT benefits just by registering on Startups India portal. However Startups registered on Startup India portal can apply for many other features. Right now the government considers a company to be a startup for 10 years since its inception.