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India now home to 75,000 startups.. this is only the beginning, says Piyush Goyal

India in its 75th year of independence is now home to 75,000 startups, Commerce & Industry Minister Piyush Goyal announced on 3 August.

In a Tweet, Goyal wrote, “These numbers tell the power of a vision. A vision to see innovation & enterprise drive growth. India is now home to 75,000 startups in the 75th year of Independence and this is only the beginning."

Department for Promotion of Industry and Internal Trade (DPIIT) has recognized more than 75,000 startups as India celebrates Azadi ka Amrit Mahotsav.

The Indian startup ecosystem continues to be fuelled by innovation, enthusiasm, and entrepreneurial spirit, the ministry said.

Out of the total recognized startups, around 12 percent cater to IT services, 9 percent to Healthcare and Life Sciences, 7 percent to education, 5 percent to professional and commercial services and 5 percent to agriculture.

Also Read: India witnesses a massive 15,400% rise in startups in last 6 years

"An impressive, 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110 percent yearly increase over the last 6 years. The fact that about 49 percent of our startups are from Tier II & Tier III today is a validation of the tremendous potential of our country’s youth, the ministry said in a statement.

Also Read: Silicon valley lurches between deep cuts and bold spending

During the Independence Day speech from the Red Fort on 15th August 2015, PM Modi had envisioned a new India which taps on the entrepreneurial potential of its people.

On 16th January of the following year, the date which has now been declared as the National Startup Day, a program was initiated to lay out an action plan to build a strong ecosystem for nurturing innovation and startups in the country.

Also Read: This Indian startup is likely to fire around 1,000 employees: Report

Six years hence, the action plan has successfully guided into making India the 3rd largest ecosystem, it said.

The ministry also said that the initial ten thousand startups were recognized in 808 days, the latest ten thousand were achieved in only 156 days.

“With more than 80 Startups getting recognized per day- highest rate in the world, the future of the startup culture is very promising and encouraging," it said.

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