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Success Rate Of Start-Ups In India Relatively Higher Than Rest Of World: Piyush Goyal

To boost the start-up ecosystem, the government launched the Start-up India initiative on January 16, 2016, and an action plan was also put in place

Success Rate Of Start-Ups In India Relatively Higher Than Rest Of World: Piyush Goyal
Piyush Goyal, Union Commerce and Industry Minister Piyush Goyal

Outlook Start-Up Desk

POSTED ON December 14, 2022 1:41 PM

The success rate of start-ups in India is relatively higher than the rest of the world and there were 84,012 recognised start-ups in the country at the end of November, Union minister Piyush Goyal said on Wednesday.

To boost the start-up ecosystem, the government launched the Start-up India initiative on January 16, 2016, and an action plan was also put in place.

"Start-ups are prone to failures is a very high probability. Though I must say, the success rate of start-ups in India is relatively higher than the rest of the world...," the minister told the Lok Sabha during the Question Hour.

The number of recognised start-ups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the minister said. 

The Fund of Funds for Start-ups (FFS), Start-up India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Start-ups (CGSS) extend support to start-ups at various stages of their business cycle. 

The Start-up India Seed Fund Scheme has been approved for four years starting from 2021-22 and is being implemented with a corpus of Rs 945 crore.

It is aimed at providing financial assistance to start-ups for proof of concept, prototype development, product trials, market entry and commercialisation. 
 

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