Startup India transformed India into global startup hub: PM
Marking the ninth anniversary of the Startup India initiative on Thursday, Prime Minister Narendra Modi lauded the government’s efforts to nurture innovation and entrepreneurship. He urged young people to actively participate in the startup revolution, highlighting how the initiative has transformed India into one of the world’s largest and most dynamic startup ecosystems.
In a post on X, Prime Minister Modi said, “Over the past nine years, this transformative programme has empowered countless youngsters, turning their innovative ideas into successful startups.” He emphasised that the government had spared no effort in encouraging startups, with policies focusing on ‘Ease of Doing Business’, better access to resources and supporting young entrepreneurs at every step.
Modi also highlighted the government’s focus on innovation and incubation centres to nurture risk-takers.
The PM’s remarks came as India crossed a significant milestone, with more than 1.59 lakh startups now recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of January 15, 2025. This marks India’s rise to the third-largest startup ecosystem globally. According to Modi, India’s growth in this sector reflects a dynamic, confident and future-ready nation, with the entrepreneurial spirit driving the economy forward.
India’s startup ecosystem has flourished across diverse sectors, including fintech, edtech, health tech and e-commerce, with startups like Zomato, Nykaa and Ola exemplifying India’s shift from job seekers to job creators. The initiative has not only spurred innovation but also generated employment, with startups creating over 16.6 lakh direct jobs by October 2024.
Notably, the number of women entrepreneurs has surged, with 48 per cent of recognised startups having at least one woman director. India is also home to over 100 unicorns, collectively valued at Rs 30 lakh crore. The country has also seen a significant rise in its IPO activities, leading the world with 332 IPOs in 2024, surpassing both the USA and China.
India’s innovation prowess has been recognised globally, with the country now ranked 39th in the world for innovation, up from 81st in 2015. The rise of startups in artificial intelligence (AI) and other cutting-edge fields further highlights the country’s growing role in global innovation.
Despite these achievements, the government’s claims have been met with criticism from opposition leaders. Congress president Mallikarjun Kharge dismissed the government’s success narrative. In a post on X, he said, “In nine years, the Modi government has only built a ‘startup of fakery’! Fact is — Indian startups have got negligible support from the Modi government. Whatever growth has taken place in the startup industry, credit should go to the entrepreneurial spirit and ingenuity of the startups and not the Union Government!”
He pointed out that only 1.58 per cent of recognised startups had received funding from the Startup India Seed Fund, and more than 97 per cent had not benefited from tax relief. Kharge also highlighted that many startups had been forced to shut down, with over 5,000 closures in 2024 alone and more than 1.56 lakh startup jobs lost since 2020.
