Amid the so-called funding winter and continuous layoff saga, the Indian start-up ecosystem has some good news to cheer. The Economic Survey 2023 has estimated that Indian start-ups created 2,69,000 jobs last year. The ecosystem witnessed a 36 per cent jump in job creation compared to the previous calendar year of 2021. 

The news came at a time when start-up companies are continuously laying off their employees to keep their businesses on the profitability track.  Last year, around 20,000 employees lost their jobs in the Indian tech space. Edtech alone accounted for 44 per cent of the total layoffs. 

The survey has highlighted that Indian start-up enterprises created 43,000 jobs in 2017, 88,000 in 2018, 1,32,000 in 2019, 1,61,000 in 2020 and 1,98,000 in 2021. Overall the companies paved the way for nine lakh jobs in the past five years. 

Prior to the Economic Survey, the data from the Union of Commerce and Industry Ministry suggested that with 1.46 lakh start-up jobs, Maharashtra topped the list of job creation between 2016 and 2022. Bengaluru took the distant second position with more than 1.06 lakh jobs. Delhi came third with 87,603 jobs and Uttar Pradesh ranked fourth with 67,694 jobs. 

In her pre-budget speech, the President of India, Droupadi Murmu praised the central government for boosting the entrepreneurial drive in India. She said that India is currently the home to 90,000 start-ups. The Survey report pointed out that India currently has 84,012 registered start-ups. The number took a significant increase from 452 in 2016. The survey also indicated that the start-ups are re-domiciling to India from abroad and suggested some possible measures to accelerate the process in the coming time.