As India marks the ninth anniversary of the Startup India initiative on January 16, the nation celebrates its transformation into the world’s third-largest startup ecosystem. With over 1.59 lakh startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), including more than 100 unicorns, the initiative has fueled innovation, entrepreneurship, and economic growth since its inception in 2016.
Startup India, launched as a flagship program of the Indian government, has shifted the narrative from job seekers to job creators. Cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have emerged as key hubs, while smaller cities have made increasing contributions to the entrepreneurial landscape. Startups in fintech, edtech, health-tech, and e-commerce have addressed local challenges while gaining global recognition, with companies like Zomato, Nykaa, and Ola leading the charge.
Milestones and Economic Impact
The program has created over 16.6 lakh direct jobs across industries, with the IT services sector leading with 2.04 lakh jobs, followed by healthcare and life sciences at 1.47 lakh. A significant milestone is the rise of women entrepreneurs, with over 73,000 startups including at least one woman director as of October 31, 2024.
Key Features of Startup India
The initiative’s success is underpinned by several core features:
- Ease of Doing Business: Simplified compliance, self-certification, and single-window clearances streamline processes for startups.
- Tax Benefits: Eligible startups enjoy tax exemptions for three consecutive financial years.
- Funding Support: The ₹10,000 crore Fund of Funds for Startups (FFS) supports early-stage funding.
- Sector-Specific Policies: Initiatives focus on biotechnology, agriculture, and renewable energy, among others.
Flagship Schemes and Initiatives
Startup India has launched programs like the Startup India Seed Fund Scheme (SISFS) and the Credit Guarantee Scheme for Startups (CGSS). Regional capacity-building workshops and outreach activities have helped expand the ecosystem beyond metropolitan areas. The Startup Mahakumbh, a flagship event, has showcased India’s entrepreneurial spirit, with the 2024 edition drawing 48,000 attendees and 1,300 exhibitors from 14 countries.
In 2024, DPIIT launched the Bharat Startup Knowledge Access Registry (BHASKAR), a platform to centralize resources and foster collaboration among startups, investors, mentors, and government bodies. It offers personalized BHASKAR IDs, seamless networking, and advanced tools for scaling startups, ensuring inclusivity for entrepreneurs from non-metro regions.
International Collaboration
India’s G20 Presidency institutionalized the Startup20 Engagement Group, facilitating global cooperation. International events and partnerships have further strengthened cross-border linkages, promoting India as a global innovation hub.
Looking Ahead
With over ₹1.5 lakh crore invested in shipbuilding, robust startup policies, and growing regional ecosystems, India is poised for further growth. The upcoming fifth edition of the Startup Mahakumbh, scheduled for March 7-8, 2025, in New Delhi, promises to celebrate innovation and drive collaboration among entrepreneurs, investors, and industry leaders.
As India reflects on nine years of Startup India, the initiative stands as a testament to the nation’s commitment to fostering an inclusive, vibrant entrepreneurial ecosystem, positioning the country as a global leader in innovation and entrepreneurship.
