In Bengaluru, DPIIT-Recognised Startups Have Generated More Than 1.63 Lakh Jobs

Nitin Konde, Varun Bhardwaj

Dec 18, 2024 — 2 min read

Bengaluru Startups Create Over 1.63 Lakh Jobs: DPIIT Report

On December 17, the government told the Parliament that more than 1.63 lakh direct jobs had been created in Bengaluru by more than 13,000 startups approved by the Department for Promotion of Industry and Internal Trade (DPIIT). In response to a question in the Lok Sabha, Jitin Prasada, the Minister of State for Commerce and Industry, revealed the information. The minister stated, "As of October 31, 2024, the DPIIT has identified 13,649 entities as startups in the Bengaluru district (Rural and Urban), which have reportedly created over 163,345 direct jobs."

He went on to say that the following significant government programmes have provided financial support to these startups: SISFS, or Startup India Seed Fund Scheme: 281 businesses have received approval of INR 63.99 Cr under SISFS to boost their early-stage development. Through SEBI-registered alternative investment funds, the Fund of Funds for firms (FFS), which is overseen by SIDBI, has enabled investments of INR 6,470.8 Cr into 346 firms. Launched as a pilot program in April 2023, the Credit Guarantee Scheme for businesses (CGSS) has given 24 businesses in the Bengaluru urban district INR 49.24 Cr in loans without collateral.

Tax Exemptions to Further Strengthen Startups Growth

The Income Tax Act's tax concessions have also helped Bengaluru entrepreneurs. 1,601 businesses obtained exemptions under Section 56(2)(viib), and 348 companies obtained certificates of eligibility under Section 80-IAC. In order to encourage innovation and entrepreneurship in India, the government started the "Startup India" initiative in 2016 and offers financial assistance, tax breaks, and streamlined procedures to new companies.

Bharat Startup Knowledge Access Registry

In order to support the expansion of the Indian startup ecosystem, the government most recently introduced the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform for startups. The platform, which was created internally by the DPIIT as part of the "Startup India" initiative, is intended to help companies, investors, mentors, tech enablers, government agencies, and other important players in the Indian startup scene work together. The Centre just launched its second startup registry, BHASKAR. The Bharat Startup Ecosystem Registry was piloted by the Ministry of Commerce in February. The register was established to exhibit innovation, technology, and entrepreneurship by uniting all the players in the startup ecosystem.

About DPIIT

Established in 1995, the Department for Promotion of Industry and Internal Trade amalgamated with the Department of Industrial Development in 2000. It operates under the auspices of the Indian government's Ministry of Commerce and Industry. This department is in charge of creating and carrying out developmental and promotional strategies to support the expansion of the industrial sector while taking into account the socioeconomic goals and national priorities.