India's Startup Economy 2024: New Data Reveals Surprising Facts

Did you know that over 67,499 startups in India are led by at least one woman? This achievement is partly thanks to the Startup India initiative, a government program that helps entrepreneurs bring their ideas to life. Since its launch in 2016, Startup India has supported over 1.40 lakh startups, creating more than 15.5 lakh jobs!

Jatin Prasada Shares Insights on India's Startup Success

Dive into this engaging and insightful article to explore the various programs offered by Startup India and discover how they can help you launch your dream business. Team TICE has thoroughly researched this piece, drawing from a written reply by Union Minister of State for Commerce and Industry, Jitin Prasada, in the Rajya Sabha.

Startup India: State-Wise Growth

The growth of startups is not limited to metropolitan hubs; it's a nationwide phenomenon. For instance, Maharashtra leads with 5,816 recognised startups in 2023, followed by Delhi with 3,162, and Karnataka with 3,036. This widespread development highlights the decentralisation of entrepreneurial activity, ensuring that innovation is no longer an urban privilege but a reality in rural areas as well.

Top Startup Gainer States | 2022-23

Key Initiatives Fuelling the India's Startup Ecosystem

The government’s commitment to fostering a strong startup ecosystem is evident in the comprehensive Startup India Action Plan, unveiled on January 16, 2016. The plan outlines 19 strategic action points aimed at simplifying procedures, providing funding, and fostering industry-academia collaborations. These initiatives have created a nurturing environment for startups to flourish across all states and Union Territories.

Funding Your Startup Idea

• Startup India Seed Fund Scheme (SISFS): Financial assistance for early-stage development, prototyping, and market entry.
• Fund of Funds for Startups (FFS): Access to capital from a ₹10,000 crore fund to meet your startup’s financial needs.
• Credit Guarantee Scheme for Startups (CGSS): Credit guarantees for loans from banks, NBFCs, and VDFs.

Making it Easier to Do Business

• Regulatory Reforms: Benefit from over 55 regulatory reforms aimed at improving ease of business and reducing compliance burdens.
• Ease of Procurement: Access relaxed conditions for public procurement, enabling you to sell products and services to the government.
• Self-Certification: Self-certify compliance with labour and environmental laws for 3 to 5 years.

Growing Your Startup

• Income Tax Exemption: Eligible startups incorporated on or after April 1, 2016, enjoy a three-year income tax exemption.
• Faster Exit: Wind up operations within 90 days, instead of the standard 180, as a ‘fast track firm.’
• Intellectual Property Protection: Benefit from fast-tracked patent applications and discounts on filing fees.

Connecting with the Startup Ecosystem

• Startup India Hub: Connect with startups, investors, mentors, and other key players on this online platform.
• National Mentorship Portal (MAARG): Link up with mentors for expert advice and guidance.
• National Startup Awards: Gain recognition and rewards for your startup's achievements.

The Startup Road: Building on Success

As India solidifies its position as a global startup hub, the government remains committed to nurturing a thriving ecosystem. With strategic reforms, substantial financial backing, and international collaborations, the aim is to empower entrepreneurs and spark innovation. From 2016 to 2024, the journey has been transformative, and the future holds even more promise, especially as an increasing number of Women Entrepreneurs lead the charge in shaping the nation’s economic future.