The number of startups recognized by the government, under the Startup India initiative launched by Prime Minister Narendra Modi in January 2016, has increased by almost 85 times. Registered with the Department for the Promotion of Industry and Internal Trade (DPIIT), the number of startups increased from 504 in 2016 to 42,733 startups in 2020, according to data from the Ministry of Commerce. The annual number of recognized startups increased to 5,420 in 2017, followed by 8,946 startups in 2018, 11,683 startups in 2019 and 14,778 startups in 2020. However, the year-over-year growth rate has increased. is strongly contracted, going from 975% in 2016-17 to 65% in 2017-2018, 30.5% in 2018-2019 and 26.5% in 2019-2020.
According to data shared by the Ministry of Commerce with Financial Express Online earlier, 8,939 startups have been recognized until March 2018. As of January 27, 2021, the number of startups recognized for the new year stood at 1,402, MoS Commerce and Industry Som Parkash said it shared data on the annual number of startups recognized in a written response to a question in Lok Sabha recently. However, the last count of recognized startups on February 17, 2021 has crossed the 44,000 mark, according to data from the Startup India platform.
The government also allows investment in recognized startups through the SIDBIs Rs 10,000 crore Fund of Funds for Startups (FFS). Financial Express Online had reported last week that FFS helped fund Rs 5,089.55 crore in 391 government-recognized startups as of January 31, 2021. However, the jump in the number of startups funded was only 22 percent compared to 320 startups supported under the program on February 18, 2020. Dunzo, CureFit, FreshToHome, Jumbotail, Unacademy, Uniphore, Vedantu, Vogo, Zostel, etc. were among the notable startups funded by FFS.
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It is important to note that registering on the Startup India portal is different from registering for DPIIT recognition. Startups registered on the Startup India portal are not eligible for DPIIT benefits, although they can apply for various acceleration, incubator and other challenges programs on the website, while accessing resources such as learning and development programs, government programs, state policies for startups, and More. Startups need to apply separately for other benefits such as access to intellectual property services, relaxation of public procurement standards, easy business liquidation, access to SIDBI Fund of Funds.
Eligible startups must be incorporated as a limited liability company or registered as a partnership or limited liability company with a turnover of less than Rs 100 crore in any of the previous fiscal years. The government currently considers an entity to be a startup for only 10 years from the date of its incorporation and that it should work on innovation or improvement of existing products, services and processes, and should have the potential to generate jobs and create wealth.
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