The government recognizes more than 75,000 start-ups this year. Around 7.46 Lakhs jobs are created by the Start-ups in India says Piyush Goyal.
The Union Minister for Commerce and Trade, Piyush Goyal recently talked about the start-ups flourishing in India and providing employment.
Over 80 startups on a daily basis get recognized. With that being said, the government says that India recognized more than 75,000 startups this year.
The Department for Promotion of Industry and Internal Trade (DPIIT) recognized those 75,000 startups marking this year’s 75th Independence Day.
Goyal tweeted on Wednesday announcing the news.
The Government launched the Start-up India program in 2016 January. This was done to ensure that the entrepreneurs who wish to flourish and want to start something of their own get the right platform.
The eligible start-ups covered under the program, enjoy tax benefits, intellectual property rights, and public procurement. There are many rules as well that were eased out on the start-ups just so that they could start with their operations.
However, the minister also said that this is just the beginning.
According to the Commerce Ministry, the action plan has been successful in making India the third-largest ecosystem in the six years since its implementation. He also said that India aims to become the largest startup ecosystem in the world.
Jobs created by start-ups
The Commerce Ministry claims that whilst the first 10,000 businesses were recognized in 808 days, the most recent 10,000 were accomplished in just 156 days.
The Indian Startup ecosystem generated around 7.46 lakh jobs, which is easily a 110 % increase yearly over the period of six years.
Among the recognized star ups, 49% of them belong to Tier II & Tier III cities.
It must also be noted that the recognized start ups consist of IT services, health care, and life services with a share of 9 %, educational, professional, and commercial services along with 5% of agricultural startup services.
However, another point to observe is that the start ups have ensured providing employment but at the same time several of the laid off their employees. Vedantu, Unacademy, Cars24, and Ola fired thousands of employees.
This could be possibly due to losses faced by these start ups, or maybe less work availability.
