Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Anurag Jain stated on Thursday that government-registered businesses had produced up to 6.5 lakh employment throughout the country. Since 2016, when the flagship digital programme was established, the DPIIT has recognised over 60,000 firms, making India the world’s third-largest startup ecosystem.
‘The figure comes to 11 jobs per startup. The startup revolution is transforming our country from a nation of job seekers to job givers’, said Jain.
Previously, the government calculated the amount of employment produced using a methodology that said that each direct job in the industry resulted in three indirect jobs. The DPIIT, according to Jain, is aiming to create 20 lakh new employment in the industry over the next four years by legally registering 50,000 new firms.
As per the official website of Company India, being recognised by the government entitles a startup to three years of income tax exemption as well as capital gains and investment exemptions over fair market value. It also allows for the quick winding up of a business in 90 days and helps to speed up the filing of patents by up to 80%. The accreditation will also make it easier to raise funding for startup ventures through alternative investment vehicles.
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‘The startup movement is taking deep roots. What is interesting is that 45% of all registered startups are from Tier II and Tier III towns. Also, 45% of startups are led by women entrepreneurs. These are huge success stories’, Jain stressed.
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