Today: 6 May 2025
31 July 2024
3 mins read

India’s Startups Generate 15.5 Lakh Jobs

During the next two years (FY 2024-25 to FY 2025-26), the Ministry has a target to set up 1.6 lakh new enterprises with employment generation potential for 12.8 lakh people…reports Asian Lite News

The Centre on Monday said that recognised startups have reported to have generated more than 15.5 lakh direct jobs to date, as it detailed various initiatives taken by ministries and departments to help create even more jobs and nurture young entrepreneurs in years to come.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups (as of June 30), said Minister of State (Independent Charge) for Skill Development and Entrepreneurship (MSDE), Jayant Chaudhary, in a reply to a question in the Lok Sabha.

The Ministry of Micro, Small & Medium Enterprises (MSME) is implementing the Prime Minister’s Employment Generation Programme (PMEGP) to assist entrepreneurs in setting up new enterprises in the non-farm sector.

It aims to provide employment opportunities to traditional artisans/ rural and urban unemployed youth at their doorstep.

Since inception, more than 9.69 lakh micro enterprises have been assisted with a Margin Money subsidy of more than Rs 25,500 crore, providing employment to an estimated 79 lakh people (both direct and indirect).

During the next two years (FY 2024-25 to FY 2025-26), the Ministry has a target to set up 1.6 lakh new enterprises with employment generation potential for 12.8 lakh people.

Similarly, the Ministry of Rural Development (MoRD) has implemented the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM).

The Startup Village Entrepreneurship Programme (SVEP) is a sub-component of DAY-NRLM.

It is expected that the supported enterprises of 3,02,825 under SVEP have created an approximate employment of 6,26,848.

The Ministry of Electronics and Information Technology (MeitY) has launched several schemes for startups, like the ‘Technology Incubation and Development of Entrepreneurs’ (TIDE) 2.0 Scheme. The TIDE 2.0 Scheme has supported 1,235 startups, generating 8,556 jobs.

Over 55 regulatory reforms have been undertaken by the government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem, informed the minister.

In the Union Budget 2024-2025, the Centre has abolished the angel tax on startups, paving the way for more foreign capital to be pumped into the ecosystem and further easing the funding winter.

‘India Now Home to 1.4 Lakh Startups’

India now has more than 1.4 lakh startups, as the government continues to nurture innovation and encourage investments in the ecosystem, Union Minister of State for Commerce and Industry, Jitin Prasada, informed on Friday.

In a reply to a question in the Rajya Sabha, the minister said that under the ‘Startup India’ initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups (as of June 30).

Over 55 regulatory reforms have been undertaken by the government since 2016 – when the ‘Startup India’ initiative was launched — to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem.

In the Union Budget 2024-2025, the Centre has abolished the angel tax on startups, paving the way for more foreign capital to be pumped into the ecosystem and further easing the funding winter.

Under the Startup India Seed Fund Scheme (SISFS), Rs 945 crore was sanctioned for a period of 4 years starting from 2021-22, informed the minister.

The government also established the Fund of Funds for Startups (FFS) scheme with a corpus of Rs 10,000 crore, to meet the funding needs of startups.

DPIIT is the monitoring agency and the Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.

The Centre also established the credit guarantee scheme for startups for providing credit guarantees to loans extended to DPIIT-recognised startups by scheduled commercial banks, Non-Banking Financial Companies (NBFCs) and venture debt funds (VDFs) under SEBI-registered alternative investment funds.

According to reports, the Indian private equity and venture capital investments in 2023 stood at $39 billion compared to $62 billion in 2022.

ALSO READ-Move to do away with angel tax positive news for startups  

Previous Story

UAE condoles Kerala landslide victims

Next Story

Protein-Rich Diet Unlikely to Cause Gastric or Kidney Issues

Latest from India News

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of

Bumrah Continues Test Reign 

With a new career-best rating of 705 points, Muzarabani became only the second Zimbabwean bowler in history to breach the 700-point mark in Test cricket…reports Aisan Lite News Zimbabwe’s historic three-wicket win

Iran Calls on India to Break Sanctions Barrier 

Calls grow louder from Iran’s industry leaders for India and international bodies to mediate financial and shipping barriers imposed by Western sanctions.  Top Iranian manufacturers are appealing to India and global organisations
Go toTop

Don't Miss

Netanyahu to visit India by end of this year

India and Israel celebrated 30 years of the upgradation of

IBPC to open 2022 activities with Retail Conclave on 12th January

The high-profile business networking event will be taking place at