Recognized startups have generated more than 1.553 million direct jobs.

Since the launch of the Startup India initiative in 2016, recognized startups have reportedly generated over 1.553 million direct jobs, according to Union Minister of State for Commerce and Industry, Jitin Prasada, in a written reply to the Lok Sabha on Wednesday. The number of direct jobs created by DPIIT-recognized startups peaked in 2023, reaching 391,943 throughout the year. So far in 2024, 178,316 jobs have been created.

The Government launched the Startup India initiative on January 16, 2016, to build a robust ecosystem for nurturing innovation and startups and to encourage investments in the country's startup ecosystem. The first year, 2016, saw the creation of just 306 jobs. However, job creation surged in subsequent years, with 51,980 jobs in 2017, 101,646 in 2018, and 163,463 in 2019. Interestingly, despite the impact of COVID-19, the years 2020 and 2021 saw continued growth with 181,404 and 210,545 jobs created, respectively.

According to the eligibility criteria set forth in the G.S.R. notification 127 (E) dated February 19, 2019, entities are recognized as startups under the Startup India initiative by the Department for Promotion of Industry and Internal Trade (DPIIT). As of June 30, 2024, the DPIIT has recognized 140,803 entities as startups, according to the minister.