More than 1 startup recognised every hour by government, says Ramesh Abhishek

By: |
Updated: June 4, 2019 3:04:13 PM

Startup India scheme launched in January 2016 has so far got 18,861 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) while 814 of them are recognised in May itself.

SIDBI has committed Rs 2570 crores to 45 venture capital funds from the Rs 10,000-crore Fund of Funds.

Startup India scheme launched by PM Narendra Modi in January 2016 has so far got 18,861 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) while 814 of them are recognised in May itself. “This is more than 1 startup every hour,” said the department’s secretary Ramesh Abhishek on Tuesday.

The job creation by the DPIIT recognised startups has also been significant. So far, 1,87,004 jobs have been reported by 16,105 startups that come out to be over 11 direct jobs per startup on average.

Each direct job creating 3x indirect jobs takes the number of total jobs churned out by these startups is “estimated at more than 5.6 lakh,” said Ramesh Abhishek. The secretary made announcements in a series of tweets with respect to the growth of the startup ecosystem.

244 startups have secured capital of Rs 1,561 crores while SIDBI has committed Rs 2570 crores to 45 venture capital funds from the Rs 10,000-crore Fund of Funds. This has catalyzed funding of over Rs 25000 crore, according to Ramesh Abhishek.

Government e Marketplace (GeM) Startup Runway — launched by the government in February this year to allow startups to sell products to government buyers have seen 1,862 startups registered on the platform and have procured 7,697 orders amounting to Rs 275 crores till April this year.

Ramesh Abhishek also stressed upon the intellectual property support offered to the recognised startups. So far, 1,496 startups have been given 80 per cent rebate in patent filing fees while 2,761 startups have received 50 per cent rebate in trademark filing fees. Moreover, “389 startups avail expedited examination. 103 patents are granted. The fastest patent was granted in 81 days,” Ramesh Abhishek said.

DPIIT had in April launched its Vision Document 2024 announcing multiple sops and support structures for startups. The document targets facilitating the launch of 50,000 new startups by 2024 and 20 lakh direct and indirect job creation.

Angel tax, which has been the key cause of concern among startups taxing angel investments, has also been worked upon by the government. Till May 27, 541 startups had received the exemption certificate.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition
FinancialExpress_1x1_Imp_Desktop