Indian Startups' Success Rate Higher Than Rest Of the World: Goyal By the end of November, 84,012 startups were recognised by the commerce ministry
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The success rate of startups in India is relatively higher than the rest of the world, Union commerce minister Piyush Goyal said while answering a question in the Lok Sabha on Tuesday.
During the Question Hour of the Upper House, Goyal informed that 84,012 entities have been recognised as startups from across the country as on November 30, 2022, by the Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry of commerce and industry.
Further, the number of recognised startups in India has increased from 452 in 2016 to 84,012 in 2022, noted the minister. Almost 90 per cent of start-ups fail across the world with 10 per cent failing within the first year.
Goyal also recounted a number of initiatives undertaken by the centre to facilitate the expansion of the Indian startup ecosystem: Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle.
In particular, SISFS aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization. "It is implemented with effect from 1st April 2021 with a corpus of INR 945 crore. 126 incubators have been approved so far for the support of INR 455.25 crore and INR 186.15 crore has been disbursed under the scheme," stated Goyal.
"The government also implements flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem," he added.
