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Government support expected to boost the number of startups to 1 million in the next decade. Under the Startup India initiative, 1.57 lakh startups have already received assistance.
Commerce and Industry Minister Piyush Goyal stated that with government support, the number of startups in India is expected to grow 10 times to 1 million in the next 10 years. He highlighted that while there were only 450 registered startups in 2014, this number has surged to 1,57,000 by December 2024.Speaking at the India-Israel Business Forum, Goyal said, “India is now the world’s third-largest startup ecosystem. Our goal is to expand this to 1 million startups in the next decade.”
According to Minister of State for Commerce and Industry Jitin Prasada, as of December 31, 2024, 1.57 lakh startups have created over 1.7 million direct jobs. While 5,063 startups have shut down, the overall startup presence has expanded from 120 districts in 2016 to over 750 districts today. The government aims to establish startups in every district by the end of this year.
Launched in 2016, the Startup India initiative provides financial aid, tax benefits, and incubation centers to support startups. Through Flagship Schemes such as the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme, and Credit Guarantee Scheme, financial assistance is being provided to startups across various sectors.
In the latest Budget,the government announced a new ₹10,000 crore FFS and indicated plans for a dedicated fund for deep-tech startups. The first FFS launched in 2016 has already facilitated investments worth ₹21,700 crore, with ₹91,000 crore mobilized from other investors. Supported Alternative Investment Funds (AIFs) must invest at least twice the amount committed by the government. With these initiatives, India’s startup ecosystem is set to witness robust growth in the coming years.
