India has reached a historic milestone by officially recognizing 75,000 startups, Union Minister for Commerce and Industry Piyush Goyal announced on Wednesday.
Goyal underlined that these figures demonstrate the strength of a vision that sees innovation and enterprise driving growth.
Over 75,000 startups have been recognized by the Department for Promotion of Industry and Internal Trade (DPIIT), a significant achievement in the country's 75th anniversary of independence.
The Union Minister added that the Indian startup ecosystem is still being fueled by creativity, passion, and entrepreneurial spirit as the country commemorates Azadi ka Amrit Mahotsav.
On August 15, 2015, Prime Minister Narendra Modi spoke during the Independence Day celebrations from the Red Fort and described a new India that harnesses the entrepreneurial potential of its citizens. A program was started to lay out an action plan to create a robust ecosystem for fostering innovation and entrepreneurs in the nation on January 16, 2013, a day that is now recognized as National Startup Day.
After six years, the action plan has been effective in making India's ecosystem the third-largest in the world. It's also fascinating to note that the most recent 10,000 startups were accomplished in just 156 days, compared to the initial 10,000 startups' recognition time of 808 days.
The startup culture has a very bright future since it is recognized by more than 80 startups per day, which is the greatest rate in the world.
The Startup India initiative, which was initially created to offer a supportive atmosphere for companies, has now transformed into a launchpad for them.
Of the total recognized startups, about 12% are in the IT sector, 9% are in the healthcare and life sciences sector, 7% are in the education sector, 5% are in the professional and business services sector, and 5% are in the agricultural sector.
The Indian startup ecosystem has so far generated an astonishing 7.46 lakh jobs, a rise of 110% over the previous six years. The fact that around 49% of our startups come from Tier II and Tier III today is proof of the youth of our nation's enormous potential.