India now has more than 1 lakh startups: Commerce Minister Piyush Goyal

financialexpress.com:

Startups in India: India has crossed 1 lakh registered startups under the Startup India initiative, the minister of commerce and industry Piyush Goyal said while addressing an event in New Delhi. Highlighting the success of the Startup India initiative, Goyal stated that the nation has witnessed remarkable growth from 450 startups in 2016 to more than 1 lakh startups in 2023, recognised by the Department for Promotion of Industry and Internal Trade.

According to the minister’s address, India is the third largest startup ecosystem in the world. Earlier, in a written response to the Rajya Sabha during this year’s monsoon session, Som Prakash, Minister of State in the Commerce Ministry stated that Maharashtra with 4,801 registrations, Uttar Pradesh with 2,572 registrations and Delhi with 2,567 registrations were the top three hubs of startups in terms of registrations in 2022. 

According to the data by Prakash, 26,522 new startups were registered in 2022 under the Startup India initiative by the government, up by 32.6 per cent from 19,989 startup registrations in 2021. In another report shared by Rao Inderjeet Singh, MoS Corporate Affairs, there are more than 3,000 fintech startups registered by the DPIIT. 

Other states including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Himachal Pradesh, Kerala, Madhya Pradesh, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttarakhand and West Bengal also witnessed growth in their startup base last year. 

However, pertaining to the funding winter, Indian startup ecosystem witnessed a 72 per cent decline in H1 2023 compared to H1 2022, according to the India Tech semi-annual report 2023 by market intelligence platform Tracxn. The total funding in H1 2023 was about $5.5