India's thriving startup ecosystem has significantly contributed to job creation in the country, according to the Economic Survey 2023-24 released on Monday. The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised a surge in startups from just 300 in 2016 to 117,254 by the end of December 2023. This remarkable growth has generated over 1.2 million direct jobs, underscoring the sector's substantial economic impact.
As of the end of FY24, over 13,000 DPIIT-recognised startups operate in cutting-edge fields such as artificial intelligence, the Internet of Things, robotics, and nanotechnology. The survey highlights that India's tech startup ecosystem is robust, boasting a large pool of startups and unicorns with the capability to scale rapidly. With 16 per cent of the world’s AI talent, India is emerging as an innovation hub, rapidly adopting AI skills.
The number of Indian technology startups has also seen a dramatic rise, increasing from 2,000 in 2014 to 31,000 in 2023. This growth has been bolstered by the Start-up India Initiative and various startup hubs across government ministries and departments, according to the survey.
India's tech startup ecosystem now ranks third globally and has outperformed both the USA and the UK, according to the survey.
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