India’s startup growth to pave way to developed nation by 2047

NEW DELHI : India has emerged as the world’s third-largest startup ecosystem, a development that Prime Minister Narendra Modi believes will chart the country’s course towards becoming a developed nation by 2047.Addressing the audience at the Startup Mahakumbh on Wednesday, the prime minister highlighted unprecedented growth of India’s startup culture. “This growth is not limited to metro cities; it has become a social culture, with young entrepreneurs bringing their innovations to small cities as well.” He noted that the startup scheme initiated a few years ago has scaled new heights, aligning with the ‘2047 Viksit Bharat’ (developed India) roadmap. As of 31 December 2023, as per official estimates, there were approximately 117,254 startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), including an estimated 110 unicorns. Collectively, these startups have contributed to the creation of over 1.24 million jobs, significantly impacting the economy.Minister Piyush Goyal, also present at the event, emphasized the critical role startups play in nation-building. “This year, over one lakh patents have been granted in India, with 50% of them representing Indian innovations. In the field of Intellectual Property Rights (IPR), India is moving towards becoming the leading country among the top countries.” The Startup Mahakumbh was organized in collaboration with various entities, including Assocham, Nasscom, Bootstrap Incubation and Advisory Foundation, TiE, and the Indian Venture and Alternate Capital Association (IVCA), with support from the DPIIT, MeitY Startup Hub (MSH), and Invest India. The government has been proactive in promoting startup investments through the Bharat Startup Ecosystem Registry, a component of the StartUp India programme, designed to connect and assist the varied stakeholders within India’s startup landscape. This registry acts as an exhaustive database, featuring categories such as investors, incubators, academia, government entities, mentors, and industry organizations. Since its launch in January 2016, the Startup India initiative has been dedicated to fostering a robust domestic startup ecosystem, encouraging innovation, and facilitating investments. DPIIT-recognized startups are eligible for various incentives under multiple schemes, including the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS). The Startup India Seed Fund Scheme, approved for a four-year period starting from FY22 with a budget of ₹945 crore, is aimed at providing financial support to startups for proof of concept, prototype development, product testing, market entry, and commercialization.