Startups created over 9 lakh jobs in 2022: Economic Survey 2023

Government-recognised startups created over 9 lakh direct jobs in India in 2022, the Economic Survey for 2022-23 stated, adding that this was a 64% increase over the average number of jobs created in the last three years.

The report also said nearly 48% of all startups in the country are from Tier II and Tier III areas, signaling the “tremendous potential” of India's grassroots economy,

The number of startups recognised by the Department for Promotion of Industry and Internal Trade increased to 84,012 in 2022 from 452 in 2016, partly driven by investment incentives and easing business compliances.

“The government has also strengthened its (intellectual property rights) regime by modernising the IP office, reducing legal compliances and facilitating IP filing for start-ups, women entrepreneurs, small industries and others,” the Survey noted. "This has resulted in a 46% growth in the domestic filing of patents over 2016-2021, signalling India’s transition towards a knowledge-based economy."

The Economic Survey, a crucial document released by the Finance Ministry before the Union Budget, summarises economic developments of the previous year and sets the growth path for the upcoming year.