Startup Related News
Image credit: GlobalGiving
Government of India recognizes 7,559 startups in Tamil Nadu till December 2023
7559 startups recognized by Department for Promotion of Industry and Internal Trade in Tamil Nadu alone
NEW DELHI, Feb 13, 2024 : In Tamil Nadu 7,559 startups have been recognized by the government of India, till December 2023. The information was provided by the Union Minister of State for Commerce and Industry, Shri Som Prakash in a written reply in Rajya Sabha on Monday, February 12, 2024 as reported by the press information bureau (PIB).
On February 2, 2023, the government said it had recognized 1,17,254 startups on December 31, 2023 across the country.
Under the Startup India initiative, the Government is implementing three flagship schemes, namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) to support start-ups at various stages of their business cycle.
SISFS provides financial assistance to seed stage start-ups through incubators. SISFS has a corpus of Rs. 945 crore. Specifically for the State of Tamil Nadu, 20 incubators have been approved for a total sum of Rs. 86.10 crore and Rs. 43.63 crore has been disbursed to the approved incubators as on December 31, 2023.
FFS has been established to catalyze venture capital investments and is operationalized by Small Industries Development Bank of India (SIDBI), which provides capital to SEBI- registered Alternative Investment Funds (AIFs) who in turn invest in startups.
FFS has a corpus of Rs. 10,000 crore. Specifically for the State of Tamil Nadu, SIDBI has committed a total sum of Rs.500 crore to 6AIFs and Rs.384 crore have been disbursed to the AIFs as on December 31, 2023.
CGSS is implemented for enabling collateral free loans to the Department for Promotion of Industry and Internal Trade (DPIIT) recognized start-ups through eligible financial institutions.
CGSS is operationalized by the National Credit Guarantee Trustee Company (NCGTC) Limited and has been operationalized on pilot basis from April 1, 2023. Specifically for the State of Tamil Nadu, a total of 5 loans amounting to Rs.8.65 crore have been disbursed to eligible recognized startups, as on December 31, 2023.
DPIIT recognized 1,17,254 startups till December 31, 2023
The Government of India launched the startup initiative on January 16, 2016, to build a robust ecosystem for nurturing innovation and encouraging startup invest
NEW DELHI, Feb 3, 2024 : According to a PIB report, the Government of India recognized 1,17,254 startups on December 31, 2023.
India's startup initiative was launched on January 16, 2016, to create an ecosystem that fosters innovation and encourages investment. Thanks to the government's ongoing efforts, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized 117,254 startups as of December 31, 2023.
These startups have created over 12.42 lakh direct jobs across the country, and there is at least one recognized startup in every state and Union Territory (UT) spread across over 80% of the districts across the country.
Also, over the last five years, the government has recognized startups with at least one female director. 55,816 DPIIT-recognized startups had at least one female director as of December 31, 2023. The government also promotes women's entrepreneurship through various schemes and programs.
This information was provided by the Union Minister of State for Commerce and Industry, Shri Som Parkash, in a written reply in the Rajya Sabha on February 2, 2024.
With the recognition of over 117,000 startups and the creation of millions of direct jobs, India's startup initiative is paving the way for innovation and economic growth.