The startup ecosystem in India has been oozing positivity in our Nation by being the important engine for growth and job generation.. and due to vast commercial potential for startups, India is often described as the poster child of emerging markets.
Five years since the launch of the Start-Up India initiative by Prime Minister Narendra Modi, India is witnessing a golden chapter in the history of Indian entrepreneurship. Widely recognised as the 3rd largest startup ecosystem; as of July 2021, a total of 52,391 entities are officially recognised as startups by Department for Promotion of Industry and Internal Trade (DPIIT)
Further, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 lakh crore. Apart from it, India’s economy, demography, and government’s active support provides a wide scope for establishing a thriving startup environment.
Startup India initiative
Launched on 16th January 2016 as a clarion call to the innovators, entrepreneurs,.. Startup India is all about creating prosperity in India by nurturing innovation and empowering startups. The initiative kickstarted an entrepreneurship revolution in the country.
According to Praxis Global Alliance, start-ups are growing at an average rate of 12–15% annually. Start-ups have raised $63 billion between 2016–20 in funding. Several policy interventions were since announced, giving the entrepreneurial ecosystem a much-needed launchpad. The Atal Innovation Mission, Niti Aayog, has built an ecosystem of 8,800 tinkering labs, 4,000 mentors and over two-and-a-half million students acted as a conduit for over 3,500 innovations while supporting 1,500 start-ups.