Business News | Govt Recognises More Than 92,000 Entities as Startups Since Launch of Startup India

New Delhi [India], April 5 (ANI): The government has recognised 92,683 entities as startups as on February 28, 2023, since the launch of Startup India initiative in 2016.

As per eligibility conditions prescribed under notification dated February 19, 2019, entities were recognised as 'startups' under Startup India initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) under the government of India.

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The government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in startup ecosystem of the country launched Startup India initiative on January 16, 2016, according to a statement from the ministry of commerce and Industry released on Wednesday.

According to the statement, the regular businesses are often measured by success or failure in a specific number of years of operation, whereas, the startups and scale-ups (established startups) are more accurately measured by failure or success in a particular phase making it difficult to put together a statistic covering all types of new businesses and their failure rate with any level of accuracy. Therefore, the information with respect to the success or failure of startups is not centrally-maintained by the Government, it added.

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Startup India initiative was launched on January 16, 2016, with an objective to build a strong eco-system for nurturing innovation and startups in the country that would drive sustainable economic growth and generate large scale employment opportunities.

According to the statement, DPIIT recognised 8,635 startups in 2018, as many as 11,279 in 2019, as many as 14,498 in 2020, as many as 20,046 in 2021 and 26,542 in 2022. (ANI)

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