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1.14 Lakh Startups Create Over 12 Lakh Jobs in India

1.14 Lakh Startups Create Over 12 Lakh Jobs in India: Finance Ministry

India’s startup ecosystem is witnessing unprecedented growth. According to the Finance Ministry, over 1.14 lakh startups have generated more than 12 lakh (1.2 million) jobs in the country. This massive contribution to job creation in India highlights the importance of startups in fueling economic growth, innovation, and employment opportunities.

These startups are not only creating jobs but are also pioneering new green technologies and solutions to global challenges, such as climate change and carbon emissions. A growing trend among these startups is their focus on helping carbon dioxide (CO2) find a new life through carbon capture and carbon utilization technologies. This sustainable innovation is helping reduce the carbon footprint and transform CO2 into useful products like plastics, fuels, and other materials, making significant strides in India’s journey towards eco-friendly growth.

E-commerce Giants Like Udaan Play a Vital Role

Among the many players in the e-commerce industry in India, Udaan has become a prime example of how digital transformation is driving both business growth and job creation. Udaan connects small businesses to large markets, enabling them to scale and reach new customers, and significantly contributing to small business growth. Through its platform, Udaan streamlines the supply chain and opens up access to larger business networks, which in turn creates new employment opportunities in sectors such as logistics, technology, and customer service.

By fostering the growth of e-commerce startups, platforms like Udaan are shaping the future of the Indian digital economy, offering a glimpse into the future of online marketplaces and the vast potential they hold for job creation and business expansion.

A Vision for the Future: Sustainable Growth and Innovation

India’s startup revolution is not just about business growth; it’s also about creating a more inclusive, sustainable future. Startups are embracing green technologies, like carbon capture and utilization (CCU), which are helping the country take major strides in addressing environmental concerns. These technologies offer promising solutions to reduce carbon emissions and contribute to a cleaner environment, making India a leader in the global race toward sustainable development.

The growth of startups also aligns with the vision of a digital economy that promotes inclusive growth by creating job opportunities for people from all sectors. Eco-friendly innovations in India’s startups are not only focusing on business profits but are also significantly contributing to addressing global warming and building a greener future for the country.

Conclusion: Startups Driving India’s Economic Transformation

India’s startups, whether in the fields of e-commerce, sustainability, or technology, are creating new opportunities, advancing job creation, and contributing to economic growth. By embracing green innovations, these startups are making strides toward reducing India’s carbon footprint while building a future that prioritizes both environmental sustainability and economic prosperity.

The combination of carbon utilization technologies and the rapid growth of e-commerce platforms like Udaan is helping India move toward a more inclusive and sustainable future. This is just the beginning of India’s startup ecosystem revolution, where job creation, technological advancement, and environmental sustainability go hand in hand to shape a prosperous and eco-friendly future.

“Startups in India,” “Job Creation,” “Green Technologies,” “Sustainable Innovation,” “Carbon Capture,” “E-commerce Growth,” “Small Business Growth,” and “Eco-friendly Growth”.

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Startup

Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

startup ipo india

New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. “Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021,” he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed – 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

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Startup

How To Apply For A Startup India Grant?

Struggling to get funds for your New Business? Learn how to apply for the Startup India Grant

Startup India
Initiative has rolled out several programs with the objective of supporting entrepreneurs, That Startup India initiative has opened doors to many opportunities for new business owners.

Some of the benefits that can be reaped by Startup companies are related to tax benefits, easier compliance and financing. The idea is to build a robust startup ecosystem and transform India into a country of job creators instead of job seekers.

Through this article, we tell you the kind of grants available and how you can apply for a Startup India
grant.

Here is a list of some of the Government grants available to Indian Startups:

1. PRISM’s Technopreneur Promotion Program (TePP)

TePP is an initiative of the Science and Technology department of the Govt. of India. Individuals can use this to transform their innovation and take it to the next stage to form an enterprise. The grant is available from Rs. 2 lakhs to 1 crore. The grant is provided at various stages- from starting up, development, trial and finally taking it commercial.

2. Multiplier Grants Scheme (MGS)

The Department of Electronics and Information Technology offers the Multiplier Grants Scheme with the aim to support and fund industries such as IT, analytics, enterprise software, Internet of Things, artificial intelligence and technology hardware. To apply for Startup India grant (MGS) you can avail funding of Rs. 2 crore for a duration of 2 years.

3. NASSCOM Startup Grant

As a part of the Startup India movement, selected startups are helped to raise money from VCs, government funds, angel investors, among others. The startups get to work with accelerators, are mentored and are helped to foster strategic partnerships with Nasscom’s network.

4. SIDBI Fund

Small Industries Development Bank of India (SIDBI) further sanctioned Rs. 1000 crores to 30 venture funds through government funding as a part of applying for Startup India grant . It helps startups in early stages.

They have also allotted additional investment for encouraging the founders of new start-ups & approved by an advisory committee. 

5. Venture Capital Assistance Fund
 

This fund has been set up by the Ministry of Agriculture and Family Welfare. It helps in assisting agri-preneurs to make investments in setting up agribusiness projects through financial participation

6. Apart from the Centre, the State Govts. of more than 15 states have set up grants, seed funding opportunities and advisory services under the Startup India initiative

How to apply for Startup India Grant:

The process to apply for grant is not very complicated but make sure you meet all eligibility criteria for it which is available on their website:

  1. Register on the Startup India portal
  2. Post registration; apply for DPIIT (Department for Industrial Policy and Promotion) recognition
  3. Access the Section 80 IAC exemption application form here
  4. Fill in all details with the below-mentioned documents uploaded and submit the application form

With an aim to start a Startup revolution, the Startup India grant has helped many new businesses take the first flight and add to the GDP of the economy. There are many other ways to get funding for your business as well, but the Startup India grant not only offers financing options but also an ecosystem around it that can help your grow your business.