India's Startup Surge: 1.5 Lakh Recognized by Government

Over 1.5 lakh entities have been recognized as startups by the Indian government as of October 2024. The Startup India initiative aims to nurture innovation and encourage private investments with schemes like the Fund of Funds for Startups, Seed Fund Scheme, and Credit Guarantee Scheme.

In a groundbreaking development, the Indian government has announced that it has recognized over 1.5 lakh entities as startups as of October 2024. This was revealed in a recently addressed Parliament session on Tuesday.

The government, aiming to foster an innovative environment while boosting private investments, launched the Startup India initiative back in January 2016. This initiative is designed to provide a robust ecosystem for nurturing the growth of startups across the country.

The Minister of State for Commerce and Industry, Jitin Prasada, confirmed in a written statement to Lok Sabha that 152,139 entities have achieved startup status under the Department for Promotion of Industry and Internal Trade (DPIIT). To facilitate their growth journey, the government has rolled out flagship schemes like the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS).

(With inputs from agencies.)