Indian startups created over 7 lakh jobs
In a written reply to a question in the Rajya Sabha, Union Minister for Commerce and Industry – Piyush Goyal said that India’s 65,861 startups based across 640 districts reported an average employment creation of 11 jobs until March 14, 2022.
Hello Readers,
On March 25, in a seven-page long reply to startup-related questions from Rajya Sabha member Ram Shakal, Union Minister for Commerce and Industry Piyush Goyal articulated that startups and the entire innovation ecosystem are the engines of growth for any country.
Shakal had asked the minister whether the country’s startups are contributing in areas like rapidly increasing urbanisation, smart mobility, digitisation of rural areas, drones, agriculture, health (care sector) in India.
The parliamentarian in the upper house was also curious to know if the government proposes to take local startups to the global level and the efforts made in this direction.
In his reply, Goyal touched upon the launch of the Startup India initiative on January 16, 2016, and added that sustained government efforts in this direction have resulted in increasing the number of recognised startups from 726 in FY 2016-17 to 65,861 in FY 2021-22 (as on 14th March 2022).
While the latest recognised startup count stood at 66,359 as of March 21, 2022, it is noteworthy that in early June last year, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, had revealed that a little over 48,000 startups, then recognised by DPIIT, had reported a job creation number of close to 5.50 lakh. Read more.
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News & Updates
- MicroBite, a sister concern of the biotech startup The Phi Factory, has raised $1.5 million from Vijay Madduri, the ISL (Indian Super League) winning Hyderabad Football Club’s co-owner and other angel investors.
- WeWork CEO Sandeep Mathrani has been appointed the Chairman of the board as well. The position has been vacant for months since Marcelo Claure vacated it. A real estate industry veteran, he was brought on board as CEO to revive the co-working startup.
- India-based fintech firm Signzy has secured a US patent for its innovative technology on customer onboarding in the metaverse, using virtual (VR) and augmented reality (AR). The application for the patent was filled in the year 2020.
- The year 2021 was a record year for the Indian startup ecosystem as venture capital (VC) investments reached $38.5 billion — which was 3.8x growth over 2020 with the addition of 44 new unicorns, according to Bains & Co report.
- Markets opening up in 2022 have brought new energy to the job sector, with more than 50 percent of professionals looking forward to switching their jobs in the next three months, according to Apna Bharat Back to Work survey.
Before you go, stay inspired with…
“One should have the ability to select the client and not the other way around.”
— Mahesh Singhi, Founder and MD, Singhi Advisors