Indian start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) have created 1,92,427 jobs so far in 2021, the most in four years as per Union government.
In the last four years, about six lakh jobs have been created, according to the report. The number of jobs created by “DPIIT-recognized startups” in 2018 was 93,527, an increase compared to the previous year. According to official data, job creation increased from 1,42,646 in 2019 to 1,69,724 in 2020, despite the pandemic outbreak.
As of December 8, DPIIT-recognized startups had created 1,92,427 employment, demonstrating India’s expanding entrepreneurial culture and startup growth. In a written reply to the Lok Sabha, the Union government stated that start-ups have created a total of 5,98,324 employment since 2018. In response to a particular query about the number of jobs generated by start-ups in Maharashtra and Madhya Pradesh since 2018, the government stated that start-ups in Maharashtra had created 1,14,533 jobs compared to 17,019 jobs in Madhya Pradesh.
The union government, on the other hand, claims that there is no unified database of information on start-ups’ annual contributions to the country’s Gross Domestic Product (GDP). It did, however, highlight some of the efforts made by the union government to promote the start-up culture in the country.
The Government of India has implemented the Fund of Funds for Startups (FFS) Scheme and the Startup India Seed Fund Scheme (SISFS) throughout all States/UTs as part of the Startup India initiative to encourage private investment in startups through Alternative Investment Funds (AIFs) and incubators.
“Under FFS, a corpus of Rs. 10,000 crore has been sanctioned, spread over 14th and 15th Finance Commission cycles. Small Industries Development Bank of India (SIDBI) is the nodal bank under this Scheme. The FFS Scheme does not directly provide financial assistance to startups, instead supports SEBI- registered Alternative Investment Funds (AIFs), who in turn invest money in growing Indian start-ups through equity and equity-linked instruments.
“Under the Startup India Seed Fund Scheme (SISFS), Rs 945 crore has been sanctioned for a period of 4 years starting from 2021-22. The funds are released to start-ups through approved Incubators,” the commerce ministry informed.
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