India reaches significant milestone with over 75000 startups
Over 75,000 start-ups have recently received recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). This achievement comes at a time when India is commemorating its 75th anniversary of independence and the Azadi ka Amrit Mahotsav. India's startup ecosystem is growing thanks to creativity, zeal, and entrepreneurship.
Indian startup ecosystem's history:
The vision of Prime Minister Narendra Modi for a new India that taps into the entrepreneurial potential of its people was released on August 15, 2015.A programme was launched on January 16, 2016, to present an action plan for developing a robust start-up ecosystem in India.Six years later, the actions plans have been successful in elevating India's ecosystem to third place.In roughly 808 days, the initial 10,000 start-ups were identified. The most recent thousand startups, meanwhile, were identified in just 156 days.Over 80 startups are reportedly recognised each day, according to sources. The rate is the highest in the world. IT services account for 13% of all recognised start-ups, followed by healthcare & life sciences at 9%, professional & commercial services at 5%, education at 7%, and agricultural at 5%.
India's Start-Up Program:
The government established the Start-up India Program to create a supportive environment for new businesses. For such start-ups, this programme has evolved into a launching pad. This initiative facilitates legislative reforms to gain access to international festivals and events, supports intellectual property rights to facilitate public procurement, and provides funding for tax incentives. As a result, the initiative is now widely associated with sustainable economic growth.