98,911 No of entities recognised by Govt as startups : Since the initiative’s inception on January 16, 2016, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 98,911 entities.
The primary goal behind this initiative is to create a robust ecosystem that fosters innovation, encourages entrepreneurship, and attracts private investments in the startup sector, thereby driving sustainable economic growth and generating employment opportunities on a large scale.
Daily Current Affairs Quiz: August 2023
Recognizing Startups under Startup India Initiative
- According to the DPIIT’s announcement dated February 19, 2019, entities that match the eligibility parameters were recognised as’startups’ under the Startup India initiative.
- This recognition provides them with various benefits, including tax exemptions, access to funding opportunities, and easier compliance procedures.
- By facilitating an environment conducive to startups, the government aims to propel the growth of these innovative ventures and support them in their early stages.
Below is a table presenting the number of entities recognized as startups by DPIIT (Department for Promotion of Industry and Internal Trade) as of the year 2023:
| Year | Number of Recognized Startups |
| 2018 | 8,635 |
| 2019 | 11,279 |
| 2020 | 14,498 |
| 2021 | 20,046 |
| 2022 | 26,542 |
| 2023 | 17,911 |
Challenges in Measuring Startup Success
Unlike traditional businesses, measuring the success or failure of startups is a complex task. Regular businesses are often evaluated based on their performance over a specific number of years of operation. However, startups and scale-ups, which are established startups, operate differently. They undergo various stages of growth, and their success or failure is more accurately measured in different phases of their development.
The Startup India initiative
The Startup India project seeks to create a strong environment that fosters and promotes innovation. The project gives businesses access to mentorship, networking, and incubation facilities to help them fine-tune their business models and strategies. The government has also facilitated access to funding through various channels, including venture capital, angel investors, and government-funded schemes. By fostering innovation, the initiative aims to propel India to the forefront of global innovation hubs.
Key takeaways for competitive examinations
- Minister of Department for Promotion of Industry and Internal Trade: Piyush Goyal
