Start-ups have been the buzzword in India for the last several years. India is powering its growth with innovation and entrepreneurship. Currently, there are 75,000 start-ups in the country, which coincides with the 75th year of independence.
In the past six years, the action plan has successfully guided into making India the third largest ecosystem. While the initial 10,000 start-ups were recognized in 808 days, the latest 10,000 were achieved in only 156 days. With more than 80 start-ups getting recognized per day- India holds the highest rate in the world. This further encourages the future start-up culture that is promising and encouraging for budding entrepreneurs. The Indian start-up ecosystem is promising not just for entrepreneurs but also for job seekers too.
An impressive, 7.46 lakh jobs have been created, so far, which has seen a 110 per cent yearly increase over the last six years. In fact, about 49 per cent of Indian start-ups are from Tier II & Tier III, a picture that validates the tremendous potential of Indian youth not limited to metropolitan states. The start-ups India program, launched by the government of India in 2016, was primarily set up to provide an enabling environment for start-ups.
Today it has evolved into the launch pad for all the budding entrepreneurs and innovators across the nation. It has helped start-ups by providing funds, tax incentives, support for intellectual property rights, an eased public procurement, enabling regulatory reforms, access to international fests and events, and much more.
Currently, of the total recognized start-ups, around 12 per cent cater to IT services, 9 per cent to Healthcare and Life Sciences, 7 per cent to education, 5 per cent to professional and commercial services and 5 per cent to agriculture. The start-up India program has become synonymous with sustainable economic growth.
According to business-standard