Government selects 92,683 entities as startups as on February 28, IT sector records highest number

As informed to Parliament, the Ministry of Commerce and Industry has recognised 92,683 entities as startups as on February 28 this year. The recognised startups can avail tax and non-tax benefits under the Startup India initiative.

In a written reply to Lok Sabha, Minister of State for Commerce and Industry Som Parkash has mentioned that in order to build a strong ecosystem for nurturing innovation and startups in the country the government launched Startup India initiative on January 16, 2016.

The government, with an intent to build a strong ecosystem for nurturing innovation and startups in the country, launched Startup India initiative on January 16, 2016, Minister of State for Commerce and Industry Parkash said in a written reply to the Lok Sabha.

"Sustained government efforts in this direction have resulted in increasing the number of recognised startups from 442 in 2016 to 92,683 in 2023 (as on February 28, 2023)," he said.

Over 7,000 recognised startups are in sectors like construction, house-hold services, logistics, real estate and transportation.

Highest number of recognised startups are from the IT sector (11,099). In the second position come healthcare and lifesciences (8,691) followed by education (5,962), agriculture (4,653) and food and beverages (4,523).