As per this data, As India’s startup capital, Maharashtra has supplanted Karnataka. Karnataka had 8,881 start-ups within the same time whereas Maharashtra had 13,519.
Maharashtra and Karnataka
Between 2016 and 2022, a total of 72,993 start-ups were founded in India. According to information provided to the Lok Sabha on Wednesday by the Ministry of Commerce and Industry, these start-ups have so far generated a total of 7,67,754 jobs. This is by the Department for Promotion of Industry and Internal Trade‘s list of startup companies.
Furthermore, a significant number of start-ups were also founded in Delhi, Uttar Pradesh, Gujarat, Haryana, Kerala, West Bengal, Rajasthan, and Madhya Pradesh in addition to Maharashtra and Karnataka.
Maharashtra outperformed other states on a different criterion: the creation of jobs through start-ups. As of June 30, 2022, the state had created 1,46,132 employment through start-ups. Along with Maharashtra, start-ups in the states of Karnataka, Tamil Nadu, Delhi, Uttar Pradesh, and Telangana resulted in the creation of a significant number of jobs.
Start-Up India Plan and Others
As per information provided in the lower house by the Ministry of Commerce and Industry, 20,160 start-ups were founded in 2021, which is a record number. When questioned about a database on the investments made by these start-ups, the Ministry said that there is no centralized collection of data on the subject in the government.
But what recent actions have the government taken to support India’s expanding startup ecosystem? In addition to initiatives like the Start-up India Action Plan, Fund of Funds for Start-ups (FFS) Scheme, Start-up India Showcase, Start-up India, National Start-up Advisory Council, Start-up India Seed Fund Scheme (SISFS), and other regulatory reforms, the Ministry listed numerous government initiatives.
About the FFS Scheme
Based on the development of the FFS Scheme
and the availability of funding, a corpus of Rs 10,000 crore is projected to be granted over the 14th and 15th Finance Commission cycles.
According to the Ministry, the FFS Scheme, which was designed to meet the funding needs of start-ups, has not only created money available at an early stage, seed stage, and growth stage, but it has also performed a catalytic effect on the development of enabling domestic capital raising, lowering dependence on foreign capital, and inspiring homegrown and new venture capital funds.
Start-up The India Action Plan, on the other hand, includes 19 concrete recommendations in areas including facilitation and support, financial assistance and incentives, and collaboration and incubation between business and academia.
Funds worth Rs 945 crore have been sanctioned under the Start-up India Seed Fund Scheme (SISFS) for four years, beginning 2021-22. The government has undertaken 52 reforms since 2016 to enhance the ease of doing business, ease of raising capital, and reduce the compliance burden to encourage the start-up ecosystem, the Ministry highlighted.
Read More: Apple hires key Lamborghini Executive to help design its electric car
