India celebrates the ninth anniversary of the Startup India initiative on Thursday, a program that has transformed the country into the world’s third-largest startup ecosystem.
Observed annually on January 16 as National Startup Day, the initiative has led to the recognition of 1.59 lakh startups by the Department for Promotion of Industry and Internal Trade (DPIIT) as of January 15. It has also generated over 16.6 lakh direct jobs between 2016 and October 31, 2024.
According to a statement by the Ministry of Commerce & Industry, the initiative’s success is marked by the rise of 73,151 startups with women directors and the creation of more than 100 unicorns. While major cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR are leading the charge, smaller cities are also playing an increasingly significant role in driving the nation’s startup momentum.
Key Achievements of Startup India:
Growth in Startup Ecosystem: From around 500 recognized startups in 2016, India now boasts 1.59 lakh startups, establishing itself as the third-largest startup hub globally.
Employment Generation: Startups across various sectors have created over 16.6 lakh direct jobs, with IT services leading with 2.04 lakh jobs, followed by healthcare (1.47 lakh jobs), Professional & Commercial Services (94,060 jobs) and Education (90, 414 jobs).
Women Entrepreneurship: As of October 2024, 73,151 startups have at least one-woman director, reflecting the increasing role of women in India’s entrepreneurial ecosystem.
Funding Support: The Rs. 10,000 crore Fund of Funds and the Startup India Seed Fund Scheme (SISFS) have helped startups access early-stage funding and market opportunities. Under the Credit Guarantee Scheme for Startups (CGSS), Rs. 555.24 crore in loans were guaranteed to 235 startups, including Rs. 24.60 crore to 18 women-led startups as of October 31, 2024.
Sectoral Growth: Startups in fintech, edtech, health-tech, and e-commerce have addressed local challenges and gained global recognition, with companies like Zomato, Nykaa, and Ola highlighting the shift from job seekers to job creators.
BHASKAR Platform: Launched in September 2024, BHASKAR connects startups, investors, and mentors, enhancing collaboration and growth. This platform has been particularly instrumental in empowering non-metro cities to join the entrepreneurial ecosystem.
Global Collaboration: Under India’s G20 presidency, the Startup20 Engagement Group facilitated collaboration among global economies, strengthening cross-border partnerships and boosting India’s international startup exposure.
Events Driving Innovation and Ecosystem Growth: The Startup Mahakumbh has emerged as a flagship event, bringing together unicorns, soonicorns, investors, and stakeholders. The 2024 edition saw over 48,000 attendees and 1,300 exhibitors. The upcoming edition in March 2025 promises to further boost entrepreneurial dialogue and collaboration.
As India continues its journey toward becoming a global leader in innovation and entrepreneurship, the Startup India initiative remains a vital driver of economic growth and social progress, ensuring a more inclusive and diverse entrepreneurial ecosystem for future generations.
