Startup India: 5.5 lakh jobs created under PM Modi’s pet scheme so far; 1.7 lakh in FY21 alone–business today

Clipped from: https://www.businesstoday.in/current/economy-politics/recognised-startups-created-17-lakh-jobs-in-fy21-says-centre/story/440764.html

A total of 743 startups were recognised in 2016-2017, in the first year of the initiative, which has now increased exponentially to over 16,000 startups being recognised in the year 2020-2021

Recognised startups have now spread across 623 districts

A total of 5,49,842 jobs have been created thus far by 48,093 recognised startups, 1.7 lakh in FY21 alone, the Ministry of Commerce and Industry said in a statement on Thursday. As of June 3, 2021, 50,000 startups have been recognised by the DPIIT (Department for Promotion of Industry and Internal Trade), of which 19,896 have been recognised since April 1, 2020.

The sectors that had the maximum registered startups were ‘Food Processing’, ‘Product Development’, ‘Application Development’, ‘IT Consulting’ and ‘Business Support Services’. It took only 180 days to add the last 10,000 startups, as compared to 808 days for the first 10,000 at the beginning of the initiative, the ministry said.

A total of 743 startups were recognised in 2016-2017, the first year of the initiative, which has now increased exponentially to over 16,000 startups being recognised in 2020-2021. The recognised startups have contributed significantly to job creation, with 5,49,842 jobs reported by 48,093 startups at an average number of 11 employees per startup.

The recognised startups are now spread across 623 districts. Each state and UT has at least one startup. Total 30 states and UTs have announced specific startup policies to support these businesses. Maharashtra, Karnataka, Delhi, Uttar Pradesh, and Gujarat have the largest number of startups.

“Entrepreneurs now have options to avail benefits across a range of laws, regulations, fiscal and infrastructural support, leading to a surge in startup ecosystem growth. Funding opportunities to startups have been enhanced through the fund of funds scheme with an overlay of Rs 10,000 crore and the recently launched Startup India Seed Fund Scheme (SISFS) with an outlay of Rs 945 crore,” the ministry said.

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