In the last two years, Gujarat has seen a 160% increase in startup registrations. In the year 2020, the state recognised 873 companies as startups; by 2022, the number had increased to 2,276 companies. At the national level, the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) increased by 83% from 14,498 in 2020 to 26,542 in 2022. In response to a question from MP Parimal Nathwani, the Minister of State for Commerce and Industry, Som Prakash, made this information available in the Rajya Sabha on March 24, 2023.
According to information presented in the House, the number of companies recognised as startups by DPIIT in Gujarat was 873 in 2020, 1,703 in 2021, and 2,276 in 2022, with 592 companies from Gujarat recognised as startups as of 28 February 2023. The total number of acquired companies now stands at 5,444 firms. Gujarat ranks fifth among all states in terms of the number of startups recognised by DPIIT.
DPIIT has recognised 92,683 units as startups since the launch of the Startup India initiative in 2016. According to the minister’s statement, DPIIT has recognised 67,222 companies as startups in the last three years (2020, 2021, and 2022) and the current year (as of February 28th, 2023). IT services had the most startups registered during the time period under review, with 7,587, followed by healthcare and life sciences with 6,459 and education with 4,164.
Parimal Nathwani requested that information be made available on the number of start-ups registered in the country over the last three years and the current year, the number of start-ups that became unicorns over the same period, and the steps taken by the government to promote start-up culture in the country.
According to the statement, the government is constantly undertaking various efforts to develop and grow the startup ecosystem in the country through the Startup India initiative. It went on to say that flagship programmes like the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) help startups get to the next level by assisting them at various stages of their business cycle. Where they can obtain funding from angel investors or venture capitalists, as well as loans from commercial banks or financial institutions.
Also Read: Investor-Friendly Policies Boost Rajasthan’s Tourism, Hospitality Sectors
