52,391 entities recognised as startups by DPIIT: Commerce Ministry

The Startup India initiative is a flagship initiative of the government which aims to build a strong ecosystem for nurturing innovation and startups in the country.
0 CLAPS
0

As many as 52,391 entities were recognised as startups by the Department for Promotion of Industry and Internal Trade (DPIIT) as of July 14, Parliament was informed on Wednesday.

According to industry estimates, there are currently 53 unicorns in India, with a tentative valuation of Rs 1.4 lakh crore, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha.

"As of July 14, 2021, 52,391 entities are recognised as startups by DPIIT," he said.

He also said that as on this date, over 5.7 lakh jobs have been reported by more than 50,000 startups.

The recognised startups are eligible to avail the benefits across a range of laws, regulations, fiscal, and infrastructural support.

The Startup India initiative is a flagship initiative of the government, which aims to build a strong ecosystem for nurturing innovation and startups in the country.

In a separate reply, he said 17,583 companies were struck off as per the provisions of Section 248 of the Companies Act, 2013.

Replying to a question on exports, Minister of State for Commerce and Industry Anupriya Patel said that during the past three financial years, 22,099 firms have been placed in DEL (denied entity list) and penalties were imposed on 2,922 firms after adjudication.

"Whenever such misuse (of export schemes and concessions) is detected, the firms are placed in the denied entity list (DEL) and adjudication proceedings initiated. Investigations into such misuse are concluded within a reasonable time," she said.

Earlier, in June 2021, 50,000 startups had been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) an official statement said.

"As of June 3, 2021, 50,000 startups across have been recognised as startups by DPIIT, of which 19,896 have been recognised since April 1, 2020," the commerce and industry ministry said.

(Disclaimer: Additional background information has been added to this PTI copy for context)

Edited by Kanishk Singh

Latest

Updates from around the world