The success rate of start-ups in India is relatively higher than the rest of the world and there were 84,012 recognised start-ups in the country at the end of November, Union minister Piyush Goyal said on Wednesday.
To boost the start-up ecosystem, the government launched the Start-up India initiative on January 16, 2016, and an action plan was also put in place.
"Start-ups are prone to failures is a very high probability. Though I must say, the success rate of start-ups in India is relatively higher than the rest of the world...," the minister told the Lok Sabha during the Question Hour.
Advertisement
The number of recognised start-ups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the minister said.
The Fund of Funds for Start-ups (FFS), Start-up India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Start-ups (CGSS) extend support to start-ups at various stages of their business cycle.
The Start-up India Seed Fund Scheme has been approved for four years starting from 2021-22 and is being implemented with a corpus of Rs 945 crore.
It is aimed at providing financial assistance to start-ups for proof of concept, prototype development, product trials, market entry and commercialisation.
Just one email a week