The state of Gujarat has recorded a 160% surge in the registration of startups in the past two years. In 2020, 873 companies were recognized as startups, and this figure has increased to 2,276 in 2022. This data was provided by Minister of State for Commerce and Industry Som Prakash in the Rajya Sabha on March 24, 2023, in response to a question raised by MP Parimal Nathwani. Gujarat ranks fifth among all states in the country in terms of the number of startups recognized by DPIIT, with 592 startups recognized as of February 28, 2023.
92,683 units recognized as startups since 2016
According to the information provided, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 92,683 units as startups since the launch of the Startup India initiative in 2016. During the period under review, IT services registered the highest number of startups, followed by healthcare and life sciences, and education. A total of 67,222 companies have been recognized as startups by DPIIT in the last three years and up to February 28, 2023.
Flagship schemes like FFS, SISFS, and CGSS promote the startup culture
MP Nathwani had requested information on the number of registered startups in the country in the last three years and in the current year, the number of startups becoming unicorns in the same period, and the steps taken by the government to promote the startup culture. In response, the minister mentioned flagship schemes like Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), which help startups reach a stage where they can leverage various aspects of their business. These schemes support startups in raising funds from investors or venture capitalists and getting loans from commercial banks or financial institutions.
