NEW DELHI: Union Minister Piyush Goyal on Wednesday said that India's startup success rate is comparatively greater than that of the rest of the world, and there were 84,012 recognised firms there at the end of November.
On January 16, 2016, the government unveiled the "Startup India programme," along with an action plan, to strengthen the startup ecosystem. Startups are prone to failures is a very high probability. Although I must admit, India has a relatively greater startup success rate than the rest of the world," the Minister said to the Lok Sabha during Question Hour.
The number of recognised startups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the Minister said. Startups are offered the funding at various stages of their business cycles through the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
The SISFS has been approved with a corpus of 945 crore and has also been sanctioned for four years beginning in 2021–22. It aims to give entrepreneurs financial support for concept proofing, prototype development, product trials, market-entry, and commercialization.
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