The Department for Promotion of Industry and Internal Trade announced that India has around 1.4  lakh startups. Last month, the DPIIT recognized 1,40,803 entities as Indian startups. The report by ASK  Private Wealth HurunIndia showed that India’s future unicorns will be valued at around $50 billion.  The Ministry of Commerce and Industry said that all these 67,500 DPIIT-recognized startups have at  least one women director. These reports mentioned that these 1.4 lakh startups have created over  15.53 lakh job opportunities across India.  

The Indian government recently launched the Startup India Action Plan, Fund of Funds for Startups  Scheme, Startup India Seed Fund Scheme, and Startup India Hub. The government recently launched  the Credit Guarantee Scheme, and other funds to support the startups financially. They introduced a  target corpus of Rs 10,000 crore to establish a Fund to fund startups with Small Industries Development  Bank of India as the operating agency. Last year, 34,842 startups were recognized by DPIIT. From these  startups, Maharashtra reported the most number of startups that’s 5,816 followed by 3,295 startups  from Gujarat. 

India is the third largest incipiency ecosystem in the world. The country has around 112 soonicorns  and 115 unicorns. However, the homegrown startups have raised more than 147 billion USD to date.  The Finance Minister, Nirmala Sitharaman announced a launch of Indian space tech startups focused  Rs 1000 crore venture fund. The center also abolished the angel tax for all investor classes. The Indian  startup ecosystem is predicted to grow more in the next few years this is why the government is  boosting small companies and enterprises. DPIIT has recognized over 23,549 startups in the past six  months. 

The government recently issued Rs 1.25 lakh crore in the Union Budget to promote small companies  across agriculture and vegetable supply chains. Earlier this year, to make the startups enter the digital  marketplace the government launched a new scheme to enable them to join ONDC. The government  is trying to promote startups as it will also help the country to solve the problem of unemployment.  All these schemes were launched to promote startups and help cooperatives, startups, and small  entities to fight in the market and scale their business.  

Conclusion: 

The Department for Promotion of Industry and Internal Trade recently recognized around 1.4 lakh  startups. The Ministry of Commerce and Industry mentioned that DPIIT reports about 67,500 startups  have at least one women director. The Indian government has been launching various schemes  including different initiatives and backing schemes in the past few years to promote startups. India  currently has around 115 unicorns and 112 soonicorns making it the third in the largest startup  ecosystem across the world. Last year, the Department for Promotion of Industry and Internal Trade  recognized 34,842 startups from which Maharastra has the most number of startups with 5,816  followed by Gujrat with 3,295 startups. The growth of startups will create more job opportunities in  India and solve the problem of less employment while making the country self-reliant. The 1.5 lakh  DPIIT recognized startups made around 15.53 lakh job opportunities for Indians.