India now has over 1.4 lakh recognised startups; Maharashtra tops the list

The Startup India initiative was launched in January, 2016

India has more than 1.40 lakh recognised startups, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Rajya Sabha on July 26.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 1,40,803 entities as startups as on June 30, 2024, as per the eligibility conditions prescribed...entities are recognised as ‘startups’ under the Startup India initiative, Prasada said in his response.

The Startup India initiative was launched in January, 2016 with an aim of encouraging investments in the startup ecosystem of the country.

The Economic Survey for 2023-24 released earlier this week, said that sustained efforts by the government spanning “simplification and handholding”, “funding support and incentives” and “industry academia partnership and incubation” have led to an increase in recognised startups from over 300 in 2016 to more than 1.17 lakhs as on December 31, 2023.

"These recognised startups are reported to have created over 12.42 lakh direct jobs creating significant economic impact, the survey added."

According to the state-wise break-up, Maharashtra tops the list with the maximum number of recognised startups at 25,044, followed by Karnataka at 15,019, Delhi at 14,734, and Uttar Pradesh with 13,299 such enterprises.

Firms recognised as startups by the DPIIT are eligible for a series of incentives, including income tax breaks.