As India celebrates Azadi ka Amrit Mahotsav, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized over 75,000 startups.
According to Piyush Goyal, India now has 75,000 startups, and this is just the beginning. On the 75th anniversary of its independence, India now has 75,000 startups, Commerce and Industry Minister Piyush Goyal announced on August 3.
“These numbers tell the power of a vision,” Goyal wrote in a Tweet. A vision for growth that is driven by innovation and enterprise. In its 75th year of independence, India now has 75,000 startups, and this is just the beginning.”
As India celebrates Azadi ka Amrit Mahotsav, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized over 75,000 startups.
According to the ministry, the Indian startup ecosystem is still fueled by innovation, enthusiasm, and entrepreneurial spirit.
Around 12% of all recognized startups provide IT services, 9% provide Healthcare and Life Sciences, 7% provide education, 5% provide professional and commercial services, and 5% provide agriculture.
“The Indian startup ecosystem has created an impressive 7.46 lakh jobs so far, representing a 110 percent annual increase over the last six years.” The fact that nearly half of our startups today are from Tier II and Tier III cities demonstrate the tremendous potential of our country’s youth, according to the ministry.
PM Modi envisioned a new India that taps into its people’s entrepreneurial potential during his Independence Day speech from the Red Fort on August 15, 2015.
On January 16th of the following year, now designated as National Startup Day, a program was launched to lay out an action plan to build a strong ecosystem for nurturing innovation and startups in the country.
Six years later, the action plan has successfully guided India to become the third largest ecosystem, according to the report.
According to the ministry, the first 10,000 startups were recognized in 808 days, while the most recent 10,000 were recognized in only 156 days.
“With over 80 Startups being recognized per day—the highest rate in the world,” it said, “the future of the startup culture is very promising and encouraging.”