India’s thriving startup ecosystem has fueled significant job creation, according to the Economic Survey 2024. The Department for Promotion of Industry and Internal Trade (DPIIT) recognised over 1.25 lakh startups by March 2024, a remarkable increase from just 300 in 2016, which has generated more than 12.42 lakh direct jobs, highlighting a significant economic impact.
The survey revealed that more than 45 per cent of these startups originated from Tier 2 and Tier 3 cities, demonstrating the expansive reach of entrepreneurial activity beyond major metropolitan areas. Additionally, Indian startups have filed over 12,000 patents from 2016 to March 2024, with more than 13,000 working in advanced sectors like artificial intelligence, the Internet of Things, robotics, and nanotechnology.
According to media reports, the survey underscored the importance of early-stage funding, noting that 135 Alternative Investment Funds invested over Rs 18,000 crore in startups by the end of FY24. The Bharat Startup Knowledge Access Registry has been instrumental in connecting various stakeholders within the startup ecosystem.
Key highlights from the survey include over 13,000 DPIIT-recognised startups in emerging tech fields by the end of FY24, a 17-fold increase in granted patents since 2014-15, and more than 47 per cent of startups having at least one woman director.
Highlighting the success of the Startup India initiative, the survey reported over 1,000 agritech startups in the agriculture and allied sectors. As of February 9, 2024, there were 554 agritech startups, including 387 led by women, making significant strides in technology adoption in agriculture.
India continues to lead among lower middle-income countries and central and southern Asian economies in fostering a robust startup ecosystem, supported by substantial funding and policy initiatives.
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