India is currently the third-largest startup ecosystem globally, behind the US and China, with around 9,000 technology startups.
Out of 28,280 startups registered under the Startup India scheme by the Department for Promotion of Industry and Internal Trade (DPIIT), Maharashtra, and not Delhi and Karnataka, is home to the highest number of registered startups. 13,803 such startups are based in Maharashtra and mostly in the financial hub, Mumbai followed by 11,432 startups based in Delhi while Karnataka has 8,810 startups registered under Startup India, as per Startup India. Uttar Pradesh with 7,113 startups and Gujarat with 4,712 startups were the other two states in the top five startup hubs.
Launched by the Prime Minister Narendra Modi in January 2016, the Startup India scheme offers startups with self-compliance under three environmental and six labour laws along with exemption from paying income tax for three consecutive years. It also exempts them on capital gains and investments above fair market value. The programme also offers up to 80 per cent rebate in filing patents and winding up within 90 days under Insolvency and Bankruptcy Code, 2016.
In terms of the support ecosystem, Delhi has the biggest pool of 21 investors, 138 mentors, and 50 incubators while Maharashtra has 18 investors, 106 mentors, and 46 incubators. On the other hand, Karnataka has 12 investors, 51 mentors and 59 incubators. The Startup India scheme has grown with more than triple number startups being registered from 8,939 startups until March 2018, according to data shared by the Ministry of Commerce and Industry earlier with Financial Express Online. On an average each startup has given jobs to 12 people, the citizen engagement portal MyGovIndia had tweeted earlier while the daily number of registrations is 26, the investment promotion agency Invest India had tweeted in November. India is currently the third-largest startup ecosystem globally behind the US and China, with around 9,000 technology startups. The country added more than 1,100 start-ups in 2019, according to Nasscom while Bengaluru is home to the highest number of tech startups followed by Delhi NCR