Success rate of startups in India relatively higher than rest of world: Goyal in Lok Sabha

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

To boost the startup ecosystem, the government launched the Startup India initiative on January 16, 2016, and an action plan was also put in place.

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

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

The Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) extend support to startups at various stages of their business cycle.

The Startup 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 startups for proof of concept, prototype development, product trials, market entry and commercialisation.