Recognized Startups Have Directly Generated 15.53 Lakh Job Opportunities

On January 16, 2016, the Startup India initiative was launched by the government with the goal of creating a strong environment that could support innovative startups and attract investments to the startup ecosystem in India. Entities are acknowledged as "startups" under the Startup India initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) in accordance with the eligibility parameters provided under G.S.R. regulation 127 (E) dated February 19, 2019. According to DPIIT, 1,40,803 companies have been identified as startups as of June 30, 2024. Reportedly, more than 15.53 lakh direct jobs have been generated by accredited firms since the Startup India initiative's 2016 debut.

Commenting on this development Ajay Goyal, Co-Founder & CEO, Erekrut HR Automation Solutions Private Limited stated, "Recognised startups have significantly contributed to the creation of 15.53 lakh job possibilities, demonstrating their enormous impact on India's economic expansion. These startups not only spur innovation but also generate a sizable number of jobs in a variety of industries. At Erekrut, we've witnessed directly how startups, which offer a wide range of exciting career prospects, may revolutionise the labour market. This achievement emphasises how crucial it is to maintain and strengthen the startup ecosystem in order to keep promoting the creation of jobs and economic development."

As of 30th June 2024, the following is a breakdown of the total number of direct jobs produced by startups recognized by DPIIT, broken down by year: 31,980 new jobs were added in 2017, 1,00,646 in 2018, 1,63,463 in 2019, 1,81,404 in 2020, 2,10,545 in 2021, 2,74,685 in 2022, and 3,91,943 in 2023. In 2016, there were 306 new jobs. Direct employment increased by 1,78,316 in the first six months of 2024. There are 15,53,288 direct jobs created by companies that have been recognized by DPIIT as of June 30, 2024.

PMEGP Backing Startup Companies

As part of the Prime Minister's Employment Generation Programme (PMEGP), the Ministry of Micro, Small & Medium Enterprises (MSME) is providing grants to business owners so they can launch non-agricultural ventures.

Traditional artisans and young people without jobs in rural and urban areas will be given chances right where they live.

An estimated 79 lakh people have found work as a result of the more than 9.69 lakh micro-companies that have received subsidies totaling more than INR 25,500 crore since the program began.

The Ministry's goal for the following two years, from FY 2024-25 to FY 2025-26, is to establish 1.6 lakh new businesses, which might generate jobs for 12.8 lakh people.

Deendayal Antyodaya Yojana-National Rural Livelihood Mission

Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) is another initiative that the Ministry of Rural Development (MoRD) has put into action.

One part of DAY-NRLM is the Startup Village Entrepreneurship Programme or SVEP.

Approximately 6,26,848 people are now employed thanks to the 3,02,825 businesses that received funding through SVEP.

The 'Technology Incubation and Development of Entrepreneurs' (TIDE) 2.0 Scheme is one of the startup initiatives introduced by the Ministry of Electronics and Information Technology (MeitY). Over the past two years, 1,235 businesses have received funding through the TIDE 2.0 Scheme, creating 8,556 new employment.

More Than 12.42 Lakh Direct Jobs Created by 1,17,254 DPIIT-Recognized Startups

A total of 1,17,254 startups were recognised by the DPIIT as of 31 December 2023, up from 300 in 2016, and these businesses have allegedly generated more than 12.42 lakh direct employment opportunities.

StartupTalkyNitin Konde