India's Startup Ecosystem Thrives: Economic Survey 2024 Highlights Growth in Tech and Innovation
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[1]
Economic Survey 2024: Number Of DPIIT-Recognised Startups Crosses 1.25 Lakh Mark
As per Economic Survey 2023-24, 13K Indian startups are working on new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology As many as 135 alternative investment funds invested more than INR 18K Cr in homegrown startups by the end of FY24 The spurt in the number of startups was driven by sustained efforts by the government spanning "simplification and handholding," "funding support and incentives" and "industry academia partnership and incubation," the survey said
[2]
Economic Survey 2024: Number Of DPIIT-Recognised Startups Crosses 1.17 Lakh Mark
The spurt in the number of startups was driven by sustained efforts by the government spanning "simplification and handholding," "funding support and incentives" and "industry academia partnership and incubation," the survey said The number of DPIIT-recognised startups shot up to more than 1.17 Lakh in 2023, up from 300 in 2016, with 45% of startups emerging from Tier I and II cities, according to the Economic Survey 2023-24 tabled by the union finance minister Nirmala Sitharaman in Parliament today. Of these, 13K startups are working on new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology, the survey said. The spurt in the number of startups was driven by sustained efforts by the government spanning "simplification and handholding," "funding support and incentives" and "industry academia partnership and incubation," the Economic Survey added. Further, the survey pointed out that more than 47% of the recognised startups have at least one woman director. Under the government's Fund of Funds for Startups scheme, launched in 2016, more than INR 10,500 Cr have been committed to over 135 alternative investment funds, which have cumulatively invested more than INR 18K Cr in homegrown startups by the end of the financial year 2023-24 (FY24), the Economic Survey 2024 said. "Indian startups are spearheading innovation in the country with startups filing more than 12,000 patent applications from 2016 to March 2024," the finance ministry said in a statement. According to data compiled by Inc42, Indian startups raised $5.3 Bn in funding in H1 2024, down 2% from the same period last year.
[3]
India Home To 13K Startups In AI, IoT, Robotics, Nanotechnology: Economic Survey 2024
India had over 13,000 startups working in new emerging technologies across sectors such as artificial intelligence, IoT, robotics and nanotechnology by the end of FY24, the Survey said Citing a NASSCOM report, the Economic Survey said that India has 16% of world's AI talent, which helps position the country as an innovation hub According to Inc42 data, India's generative AI ecosystem houses more than 100 startups, which have cumulatively raised $600 Mn in funding since 2019
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The Economic Survey 2024 reveals significant growth in India's startup ecosystem, with over 1.25 lakh DPIIT-recognized startups and a surge in tech-focused ventures, particularly in AI, IoT, robotics, and nanotechnology.
Startup Recognition Milestone
India's startup ecosystem has achieved a significant milestone, with the number of startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) surpassing the 1.25 lakh mark, according to the Economic Survey 2024
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. This represents a substantial increase from the previously reported figure of 1.17 lakh startups2
, indicating rapid growth in the sector.Geographical Distribution
The survey highlights the widespread nature of India's startup ecosystem. Startups have been recognized in all 36 states and union territories, spanning 730 districts across the country. This broad geographical distribution underscores the inclusive nature of India's entrepreneurial landscape and the potential for innovation across diverse regions.
Employment Generation
One of the key impacts of this burgeoning startup ecosystem is job creation. The Economic Survey reports that these DPIIT-recognized startups have generated an impressive 12 lakh jobs, contributing significantly to employment opportunities in the country
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.Tech-Focused Startups on the Rise
A notable trend emerging from the survey is the surge in technology-focused startups. India is now home to approximately 13,000 startups specializing in cutting-edge fields such as Artificial Intelligence (AI), Internet of Things (IoT), robotics, and nanotechnology
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. This concentration of tech-centric ventures positions India as a hub for innovation in these transformative technologies.Related Stories
Government Initiatives and Support
The growth in the startup ecosystem can be attributed, in part, to various government initiatives. The Startup India initiative, launched in 2016, has played a crucial role in fostering entrepreneurship and innovation. Additionally, the government has implemented several programs and policies to support startups, including funding schemes, tax benefits, and regulatory easing.
Future Outlook
The Economic Survey 2024 paints an optimistic picture for India's startup ecosystem. With the continued growth in DPIIT-recognized startups and the increasing focus on advanced technologies, India is poised to strengthen its position as a global innovation hub. The survey suggests that this trend is likely to contribute significantly to economic growth, job creation, and technological advancement in the coming years.
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