India’s Booming Startup Ecosystem: Over 1.4 Lakh Startups Flourish

India has witnessed a significant rise in startups, crossing 1.4 lakh, with Maharashtra leading. Union Minister Jitin Prasada highlighted initiatives supporting startups, including the Startup India Action Plan and Fund of Funds for Startups, which aim to foster innovation and entrepreneurship across the country.

The number of startups in India has surged past 1.4 lakh, as revealed by Union Minister of State for Commerce and Industry, Jitin Prasada, in the Rajya Sabha. According to Prasada's written response on Friday, Maharashtra leads with 25,044 DPIIT recognized startups.

Karnataka holds second place with 15,019 registered startups, closely followed by Delhi with 14,734. Uttar Pradesh and Gujarat rank fourth and fifth with 13,299 and 11,436 startups respectively. The Government has launched various initiatives, including the Startup India initiative from January 16, 2016, to support these ventures.

The 'Startup India Action Plan' encompasses 19 measures across areas such as simplification, funding, and industry-academia partnerships, aiming to foster a vibrant startup ecosystem. Additionally, the 'Startup India: The Way Ahead' scheme focuses on improving ease of business and leveraging technology. The Government has also established a Fund of Funds worth Rs 10,000 crore, overseen by DPIIT and SIDBI, to meet the funding needs of startups over multiple fiscal cycles.

Furthermore, the government has facilitated capital availability across various stages, reducing dependence on foreign capital, and promoting domestic venture capital. These efforts underline the government's commitment to nurturing innovation and entrepreneurship in India. (ANI)