July 26, 2024: India’s startup ecosystem continues to flourish, with a record number of entities receiving recognition. According to a statement made in the Rajya Sabha today, the Department for Promotion of Industry and Internal Trade (DPIIT) has officially acknowledged a staggering 1.4 lakh entities as startups as of June 30, 2024.
These newly recognized startups are now eligible for a range of incentives, including lucrative income tax benefits, as part of the government’s Startup India action plan launched in 2016. The initiative aims to foster a robust environment for innovation, entrepreneurship, and investment in the nation’s burgeoning startup landscape.
Maharashtra leads the pack with over 25,000 recognized startups, followed by Karnataka, Delhi, Uttar Pradesh, and Gujarat. Minister of State for Commerce and Industry, Jitin Prasada, highlighted these figures during a written response to a parliamentary query.
While the number of startups has surged, the government’s support mechanisms are also expanding. Under the Startup India Seed Fund Scheme, incubators have approved Rs 90.52 crore for startups as of June 30, 2024. Additionally, the Fund of Funds for Startups has witnessed investments of Rs 805.86 crore in startups through supported Alternative Investment Funds (AIFs) during the same period.
Startup India: Government Extends Support : Rs 90 Crore Approved Under Seed Fund Scheme
To further bolster the startup ecosystem, the Credit Guarantee Scheme for Startups has facilitated loans worth Rs 154.60 crore to startups.
In a separate development, the government’s Open Network for Digital Commerce (ONDC) has made significant strides. Launched as a digital public infrastructure to promote open networks for goods and services, ONDC has seen a meteoric rise in transactions, from a modest 1,000 in January 2023 to an impressive 9.9 million in June 2024.
The platform now boasts 71 seller applications, 22 buyer applications, and 16 logistics service providers, underscoring its growing influence on the digital commerce landscape.
