Start-ups in India became the talk of the town in 2014 as many turned entrepreneurs to launch their dream projects.
Calling startups the backbone of new India, Prime Minister Narendra Modi initiated his Startup India policy on January 16, 2016, to give a boost and build a strong start-up system for nurturing innovation and entrepreneurship in the country.
Startups soon became the medium for the country to widen its footprint in the global economy and business landscape.
While several start-up businesses flourished, many failed to take off and due to economic crisis, layoffs, shutdowns, and severe downturns brought a collapse to the industry.
Here are the top highlights of the seven years of India’s start-up initiative.
India has become the third largest start-up "ecosystem" as per Modi, while China and USA hold the second and first positions, respectively.
The Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry has recognized over 77,000 startups across 56 industries including 13% from the IT industry, 9% from pharmaceutical and healthcare, 7% from ed-tech, 5% from professional and commercial services, 5% from agriculture and 5% from food and beverages.
Bengaluru city is known as the startup capital of India, whereas Maharashtra has the highest number of startups in India.