A day ahead of the Union Budget 2024-25, union finance minister, Nirmala Sitharaman tabled the Economic Survey 2023-24 today in the parliament, on the first day of the budget session.
The document noted the state of start-ups in India over the years stating the various schemes and initiatives introduced by the Modi government to boost the ecosystem.
It stressed on the growth of start-up ecosystem in India with the interventions like notification of Patent Rules 2024, passing of the Anusandhan National Research Foundation (ANRF) bill 2023 and The Bharat Startup Knowledge Access Registry.
Growth In DPIIT Recognized Start-Ups Across Sectors
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The Economic Survey stated that in 2016 there were only 300 start-ups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) and the number rose to 1,17,254 as on 31 December 2023 and these start-ups have reportedly created over 12.42 lakh direct jobs.
It credits the government’s sustained efforts spanning “simplification and handholding”, “funding support and incentives” and “industry academia partnership and incubation” for the massive growth in the numbers.
The number of tech start-ups in India rose from around 2,000 in 2014 to approximately 31,000 in 2023. The report had a special focus on 1,000 agritech start-ups in agriculture and allied sectors, which includes 387 women-led start-ups. It also emphasized on the presence of over 13,000 DPIIT recognized AI, nanotechnology and robotics start-ups, highlighting the growth of deep tech in India. It also emphasized the rise in mental health start-ups.
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It adds that, of all the recognized start-ups, 45 per cent are emerging from tier 2/3 cities of India and more than 47 per cent of the start-ups have at least one woman director, indicating towards gender inclusivity. Under the PM Mudra Yojana, around 68 per cent of the beneficiaries are women and Stand-Up India has 77.7 per cent women beneficiaries.
Funding and Patents
The report states that under Fund of Funds for start-ups, more than Rs 10,500 crore has been dedicated to more than 135 Alternate Investment Funds, which invested around Rs 18,000 crore in start-ups by the end of FY24.
In terms of innovation and its protection, the report states that start-ups filled more than 12,000 patent applications from 2016 to March 2024. This has also been bolstered more after patent rules, 2024 was notified, simplifying patent acquisition and management.
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