Number of startups continue to grow in India
India is now home to as many as 75,000 startups, which has created 746,000 jobs, representing a 110% yearly increase over the last six years, according to India’s Ministry of Commerce.
“These numbers tell the power of a vision. A vision to see innovation and enterprise drive growth,” said Commerce and Industry Minister Piyush Goyal. “India is now home to 75,000 startups in the 75th year of Independence and this is only the beginning,” he wrote on Twitter.
“With more than 80 startups, getting recognised per day – [the] highest rate in the world, the future of the startup culture is very promising and encouraging,” read an official government statement, reports Zee Business. “The fact that about 49% of our startups are from Tier II and III today is a validation of the tremendous potential of our country’s youth,” it added.
Out of the recognised startups, some 12% cater to IT services, 9% to healthcare and life sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture.