India Crossess 73,000 Startups with Women Leaders
India’s startup boasts over 73,000 startups with at least one woman director, which is nearly half of the total 157,066 startups recognized under the Startup India initiative. The growing involvement of women marks their vital role in innovation and economic progress.
Key Statistics
India now ranks as the third-largest startup hub globally, and is home to more than 100 unicorns, which are startups valued at over $1 billion. This surge in entrepreneurship has transformed cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR into major innovation centers.
Factors Fueling Growth
Affordable internet access and a vibrant, young workforce have contributed to the growth of startups. Sectors such as fintech, edtech, health-tech, and e-commerce are thriving. Startups leverage technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to address both local and global challenges.
Government Initiatives
The Government of India has implemented various initiatives to encourage startup growth. The Startup India programme, launched in 2016, has been very important. By December 2024, over 759,000 users are registered on its platform. Additional support includes tax benefits, funding opportunities, and the Bharat Startup Knowledge Access Registry (BHASKAR).
Support Structures
Infrastructure and funding support are provided through initiatives like the Atal Innovation Mission (AIM) and the National Initiative for Developing and Harnessing Innovations (NIDHI). The SAMRIDH scheme, established in 2021, offers up to ₹40 lakh in funding to software product startups via accelerators.
Prominent Indian startups, such as BYJU’S, Zomato, Ola, and Nykaa, have successfully expanded their operations internationally. Indian-origin startups in Silicon Valley further exemplify India’s influence in the global innovation landscape. Partnerships with global companies are on the rise, showcasing the scalability and strength of India’s startup ecosystem.
GKToday Notes:
- BHASKAR: The Bharat Startup Knowledge Access Registry (BHASKAR) serves as a platform for startup resources. It helps entrepreneurs access crucial information and support for business development in India.
- SAMRIDH: The SAMRIDH scheme, launched in 2021, supports software product startups. It provides funding of up to ₹40 lakh through accelerators, encouraging innovation in India’s tech ecosystem.
- NIDHI: The National Initiative for Developing and Harnessing Innovations (NIDHI) aims to promote entrepreneurship. It offers infrastructure and funding support, enhancing the startup landscape across India.
- AIM: The Atal Innovation Mission (AIM) encourages innovation and entrepreneurship. It provides financial assistance and resources, aiming to create a robust ecosystem for startups in India.
Month: Current Affairs - December, 2024
Category: Government Schemes Current Affairs