Anurag Jain, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), stated on January 6 that government-registered startups have created up to 6.5 lakh jobs in the country.
Since 2016, when the flagship digital initiative was launched, the DPIIT has recognised over 60,000 startups, making India the world’s third-largest startup ecosystem.
“The figure comes to 11 jobs per startup. The startup revolution is transforming our country from a nation of job seekers to job givers,” said Jain. The government had earlier based the number of jobs created on a formula of each direct job in the sector leading to three indirect jobs.
Jain stated that the DPIIT is aiming to create 20 lakh new jobs in the sector over the next four years by officially registering 50,000 new startups.
According to the official website of Startup India, being recognised by the government entitles a startup to a three-year income-tax exemption as well as an exemption on capital gains and investments above fair market value.
It also allows for the easy winding up of a company within 90 days and helps to expedite up to an 80% rebate on patent filings. The recognition also promises to facilitate funds for startup investments via alternative investment funds.
“The startup movement is taking deep roots. What is interesting is that 45 percent of all registered startups are from Tier II and Tier III towns. Also, 45 percent of startups are led by women entrepreneurs. These are huge success stories,” Jain stressed.
Out of the 736 districts in the country, registered startups are present in 630 districts, and are present in every state and union territory.
To meet the financial needs of start-ups, the Centre established a Rs 10,000-crore fund of funds under the Small Industries Development Bank of India (Sidbi) in 2016. Jain stated that Rs 6,500 crore has already been committed.
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