The ministry of commerce and industry on Wednesday said that India is home to more than 73,000 startups with at least one woman director, recognised under the Startup India initiative, the Ministry of Commerce & Industry stated on Wednesday.
“The entrepreneurial spirit in India has undergone a paradigm shift in the last decade. Cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have become epicenters of innovation. The widespread availability of affordable internet, coupled with a young and dynamic workforce, has fueled the growth of startups in diverse sectors, including fintech, edtech, health-tech, and e-commerce,” the ministry said in a statement.
According to the “Indian Startup Ecosystem Report” by Startup India, India’s startups have leveraged emerging technologies such as artificial intelligence (AI), blockchain, and IoT to solve local and global problems. This culture of innovation, supported by incubators, accelerators, and robust mentoring networks, has fostered a unique ecosystem that bridges grassroots challenges with cutting-edge solutions.
The past decade has witnessed a remarkable transformation in India’s entrepreneurial landscape. Innovation hubs have emerged in Bengaluru, Hyderabad, Mumbai, and Delhi-NCR. The combination of accessible internet and a youthful workforce has propelled startup growth across various sectors, including fintech, edtech, health-tech, and e-commerce. The “Indian Startup Ecosystem Report” by Startup India indicates that Indian startups are utilising advanced technologies like AI, blockchain, and IoT to address both local and global challenges, supported by a robust network of incubators and accelerators.
The Indian government’s commitment to nurturing startups is evident through various initiatives, particularly the Startup India programme launched in 2016. As of December 25, 2024, the DPIIT has recognised 157,066 startups, with 759,303 users registered on the portal.
The programme offers:
- Ease of Doing Business: Streamlined compliance procedures and single-window clearances
- Tax Benefits: Three-year tax exemptions for registered startups
- Funding Support: Rs10,000 crore allocation through the Fund of Funds for Startups
- Sector-Specific Policies: Targeted support for biotechnology, agriculture, and renewable energy
- “BHASKAR”: A platform facilitating collaboration among ecosystem stakeholders
Additional support comes through programmes like AIM and NIDHI. The SAMRIDH scheme, introduced in 2021, allocates Rs99 crore to support 300 software product startups over four years, offering funding up to Rs40 lakh per startup through accelerators.
Indian startups have significantly impacted the economy by:
- Creating 1.6 million jobs nationwide
- Contributing to GDP growth through innovation
- Attracting international VC and PE investments
- Advancing rural development through social enterprises
The ministry said, “Indian startups are achieving global recognition. Companies like BYJU’S, Zomato, Ola and Nykaa have expanded internationally.”
The Startup India International Guide notes increasing global partnerships and market entry by Indian startups. India’s innovations in affordable technology solutions, including UPI and Aadhaar-enabled services, are inspiring global developments.
India’s progression towards startup leadership stems from its demographic advantages, economic growth, and supportive policies. With its young population, expanding middle class, and increasing digital adoption, India continues to strengthen its position in the global startup ecosystem. The synergy between academic institutions, industry players, and government policies ensures sustainable growth and innovation in the startup sector.