According to Union Minister Piyush Goyal, the success rate of startups in India is comparatively greater than that of the rest of the globe, and there were 84,012 recognised startups in the nation at the end of November.
On January 16, 2016, the government unveiled the Startup India programme and a corresponding action plan in an effort to strengthen the startup ecosystem. ‘Startups have an extremely high likelihood of failing. Although I must admit that India’s startup success rate is comparatively higher than that of the rest of the globe,’ During the Lok Sabha’s Question Hour, the Minister spoke.
According to the Minister, there will be 84,012 recognised startups as of November 30, 2022, up from 452 in 2016.
Startups are offered funding at various stages of their business cycles through the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
The Startup India Seed Fund Scheme is being executed with a corpus of Rs 945 crore and has been sanctioned for four years beginning in 2021–22.
It intends to provide funding to entrepreneurs for concept validation, prototype development, product testing, market entry, and commercialization.