Startups have created over 1.6 million jobs across the country and the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1.57 lakh startups as of December 25, the government said Wednesday. Moreover, India has more than 73,000 startups with at least one-woman director.
“Startups have created over 1.6 million jobs across the country, demonstrating their role as significant employment generators,”the department said in a statement.
The widespread availability of affordable internet, coupled with a young and dynamic workforce, has fueled the growth of startups in diverse sectors, including fintech, edtech, health-tech, and e-commerce, according to the department.
India’s journey toward becoming the world’s leading startup ecosystem is driven by a combination of demographic, economic and policy factors, it said.
“India has emerged as one of the most vibrant startup ecosystems globally, earning its place as the third largest startup hub,” the DPIIT said, adding that with over 100 unicorns, the Indian startup landscape is shaping the future of innovation and entrepreneurship.
Noting that companies like BYJU’S, Zomato, Ola and Nykaa have expanded their operations worldwide, showcasing India’s ability to scale and compete on the global stage, the DPIIT said: “The success of Indian-origin startups in Silicon Valley further highlights the country’s global influence”.
