Startup recap from Union Budget 2023: What entrepreneurs expect from FM Sitharaman's interim Budget 2024?
startups, young minds come together and manifest how creativity, innovation, and hard work can transform the way they work across various industries in the country. Startups are buzzing with ideas and energy, reflecting the optimistic outlook of the nation.
India has emerged as the third largest ecosystem for startups globally with more than 1,16,679 DPIIT-recognized ventures across the country, according to data available on the Startup India portal. Since the announcement of the Startup India Initiative in 2016 multiple schemes and initiatives have been introduced to boost the growth of India’s startup ecosystem.
However, startup funding in India has declined to a five-year low figure in 2023 — $7 billion as compared to $25 billion received in the previous year, a nearly 73% decline from funding recorded in 2022 amid a worsening global macroeconomic environment tossed by geopolitical tensions. India, which was ranked 4th in 2022 and 2021 among the highest-funded geographies globally, is now down to fifth place in 2023.
Fintech, retail, enterprise applications, environment tech, and space tech have been the top five funded sectors this year. There are only two companies that entered the Indian Unicorn Club in 2023 — Incred and Zepto.
The Government of India has taken a series of steps to promote startups in India the Fund of Funds for Startups (FFS) scheme, Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) were implemented under the Startup India initiative to provide capital at various stages of the business cycle of a startup. In the Budget of 2023, the central government has announced multiple things like tax concessions for startups, custom duty exemptions for EV-related capital
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