India sees over 226 pc surge in startup funding at $596 mn this week
The Indian startup ecosystem bounced back this week in terms of raising funds, clocking more than 226 per cent surge with securing around $596 million in total.
India has achieved a landmark milestone, wherein 75000 startups have been recognized in the country, said Piyush Goyal, Union Minister for Commerce & Industry.
Goyal added the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups which coincides with 75th year of independence.
“With more than 80 Startups getting recognized per day- highest rate in the world, the future of the startup culture is very promising and encouraging,” said the minister.
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Out of the total recognized startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture.
Besides, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years. The fact that about 49% of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth.
“Startup India program which was primarily setup to provide an enabling environment for the startups, has today evolved into the launchpad for them. From providing funding to tax incentives, from support on intellectual property rights to eased public procurement, from enabling regulatory reforms to access to international fests and events,” added Goyal.
On 16 January, 2016 National Startup Day was declared, a program which was initiated to lay out an action plan to build a strong ecosystem for nurturing innovation and startups in the country.
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