New Delhi: The Indian startup ecosystem has seen a massive growth in the last decade, with the number of startups increasing by 300 times in the last nine years, according to Jitendra Singh, Minister of State in the Ministry of Commerce and Industry.
Singh revealed this information during a recent event in New Delhi, where he also highlighted the government’s efforts to support the growth of startups in the country. He said that the government has taken various measures to create a conducive environment for startups, such as simplifying regulations and providing tax incentives.
Singh also stated that the government has set up a dedicated fund of INR 10,000 crore ($1.3 billion) to support startups, and that the country now has over 41,000 registered startups. He added that these startups have created over 4 lakh jobs in the country.
The Minister also emphasized that the government is committed to creating a level playing field for startups, and that it is working towards creating a supportive ecosystem that encourages innovation and entrepreneurship.
India’s startup ecosystem has been growing rapidly in recent years, driven by factors such as increasing access to technology, a young and educated workforce, and a growing middle class with rising disposable income. The country is also home to several unicorn startups, with a total valuation of over $100 billion.
However, the sector still faces several challenges, such as limited access to funding, complex regulations, and a shortage of skilled talent. The government’s initiatives to support startups are aimed at addressing some of these challenges and helping the sector reach its full potential.
Overall, the growth of the Indian startup ecosystem has been impressive, and with the government’s continued support, it is expected to continue to thrive in the coming years.