Recognised startups in India have created over 1.4 million direct jobs, according to the Centre's announcement on Monday. This milestone reflects the success of various initiatives aimed at fostering entrepreneurship and job creation.
Minister of State for Skill Development and Entrepreneurship, Jayant Chaudhary, disclosed that as of June 30, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 startups. This surge in entrepreneurial activity is a testament to the government's sustained efforts under the Startup India initiative.
The Ministry of Micro, Small & Medium Enterprises (MSME) has significantly contributed to this growth through the Prime Minister's Employment Generation Programme (PMEGP). This scheme has facilitated the establishment of over 9,69,000 micro-enterprises, providing employment to approximately 79 lakh individuals with a Margin Money subsidy exceeding ₹25,500 crore. The ministry aims to establish an additional 1,60,000 enterprises by 2026, with the potential to create 12.8 lakh jobs.
The Ministry of Rural Development (MoRD) has implemented the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) in the rural sector. Its sub-component, the Startup Village Entrepreneurship Programme (SVEP), has supported 3,02,825 enterprises, generating around 6,26,848 jobs.
The Ministry of Electronics and Information Technology (MeitY) has also played a crucial role. Through the Technology Incubation and Development of Entrepreneurs (TIDE) 2.0 Scheme, it has supported 1,235 startups, resulting in the creation of 8,556 jobs.
Since 2016, the government has introduced over 55 regulatory reforms to enhance the ease of doing business, facilitate capital raising, and reduce compliance burdens for startups. Notably, the Union Budget 2024-2025 abolished the angel tax on startups, encouraging more foreign investment and alleviating funding challenges.
These concerted efforts underline the government's commitment to nurturing young entrepreneurs and expanding job opportunities nationwide.
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