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Startups have created 6.5 lakh jobs till now, says DPIIT Secretary

By 2025, the department aims to create 20 lakh new jobs by officially registering 50,000 new startups.

January 06, 2022 / 06:29 PM IST
Representative image.

Representative image.

Government-registered startups have created up to 6.5 lakh jobs in the country, Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain said on January 6.

More than 60,000 startups have been recognised by the DPIIT since 2016, when the flagship digital initiative was launched, making India the third- largest startup ecosystem in the world.

"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 said the DPIIT is focused on creating 20 lakh new jobs in the sector by officially registering 50,000 new startups, over the next 4 years.

According to the official website of Startup India, getting recognized by the government gives a startup income-tax exemption for a period of three consecutive years and exemption on capital gains and investments above fair market value.

It also provides for easy winding up of a firm within 90 days and helps to fast-track up to 80 percent rebate on filing patents. The recognition also promises to facilitate funds for investments into startups through 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.

In 2016, the Centre had established a Rs 10,000-crore fund of funds under the Small Industries Development Bank of India (Sidbi) to meet the financial needs of start-ups. Of this Rs 6,500 crore have been committed, Jain said.

Major plans

The Department will also be organizing Startup India Innovation Week from January 10 onwards. As many as 30 government departments are participating in the event, which is aimed at featuring India's startup ecosystem.

Up to 500 startups will be participating in a virtual exhibition aimed at showcasing innovative startups. Select startups will also be meeting with Prime Minister Narendra Modi on January 15.

DPIIT has planned more than 40 knowledge sessions for upcoming startups to gain technical knowledge and connect with corporates.

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Subhayan Chakraborty
Subhayan Chakraborty has been regularly reporting on international trade, diplomacy and foreign policy, for the past 6 years. He has also extensively covered evolving industry and government issues. He was earlier with Business Standard newspaper.
first published: Jan 6, 2022 06:17 pm