Start-up India scheme accelerating employment in the country
Start-up India initiative was launched by Prime Minister Narendra Modi in January 2016, which opened several dimensions for the innovation and entrepreneurship ecosystem in the country. The scheme has enabled individuals to convert their ideas into their profession and as a result, the potential startups are creating ample employment across the country.
50,000 Start-Ups created 5.5 lakh jobs
DPIIT ( Department for Promotion of Industry and Internal Trade) looks over the start-up India scheme. In June 2021, the department announced that the initiative has recognized 50,000 start-ups as of 4 June 2021, which has created 5.5 lakh employment opportunities in India.
According to DPIIT, 48,093 start-ups have created around 5,49,842 jobs, with 11 average employees per start-up. More than 1.7 lakh jobs were created in FY 2021.
In the country, each State and UT have at least one startup. 30 States and UTs have announced specific Start-up policies which support the startup ecosystem. The recognized start-ups are distributed across 623 districts. Maharashtra, Karnataka, Delhi, Uttar Pradesh, and Gujarat have the highest number of Start-Ups in the country.
In FY 2021, more than 16,000 start-ups were recognized in FY 2021, whereas in 2017, the figure was 743. When the Startup India scheme started, the first 10,000 start-ups took 808 days to recognize. Under the Start-up India policy, entrepreneurs have opportunities to benefit across a range of areas such as fiscal & infrastructural support, laws, and regulations guiding to a rise in start-up ecosystem growth.
Key sectors of start-ups
Startups in India have different sectors but some sectors have seen a significant rise in startups. Food processing, application development, product development, business support, and IT consulting services are some key sectors that reported the highest number of registered start-ups. Key sectors which reported the highest number of registered start-ups.