India marks another milestone; over 75,000 startups recognized so far

India is fueling its progress, using innovation and entrepreneurship. When people take the initiative to address issues and establish businesses that advance nation-building, the nation flourishes on both an economic and social basis.

Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textile Piyush Goyal today announced that India has achieved a landmark milestone, wherein 75,000 startups have been recognized in the country. These numbers tell the power of a vision. ‘A vision to see innovation and enterprise drive growth,’ he emphasized.

In celebration of the country's 75th anniversary of independence, the Department for Promotion of Industry and Internal Trade (DPIIT) has acknowledged more than 75,000 startups. 

As India observes ‘Azadi ka Amrit Mahotsav,’ the startup ecosystem in that country is still being pushed forward by creativity, enthusiasm, and entrepreneurial spirit.

Earlier in 2015, Prime Minister Narendra Modi delivered a speech on Independence Day from the Red Fort in which he outlined a new India that harnesses the entrepreneurial potential of its people.

After six years, the action plan has been effective in making India's ecosystem the third-largest in the world. It's also fascinating to note that the most recent 10,000 startups were accomplished in just 156 days, compared to the inaugural 10,000 businesses' recognition time of 808 days. 

The startup culture has a very bright future with the greatest rate of startup recognition in the world (more than 80 startups are acknowledged each day).

These numbers tell the power of a vision.

A vision to see innovation & enterprise drive growth.

India is now home to 75,000 startups in the 75th year of Independence and this is only the beginning. pic.twitter.com/Dh6sVxUnLU

— Piyush Goyal (@PiyushGoyal) August 3, 2022

Out of the total recognized startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services, and 5% to agriculture. An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last 6 years.

The fact that about 49% of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth.