The Center stated on Monday that verified startups have reportedly created more than 15.5 lakh direct jobs to date. It also provided an overview of the several steps ministries and departments have done to support the creation of even more jobs and the development of future generations of entrepreneurs.
In response to a question posed in the Lok Sabha, Minister of State (Independent Charge) for Skill Development and Entrepreneurship (MSDE), Jayant Chaudhary, stated that as of June 30, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognized 1,40,803 businesses as startups.
The Prime Minister’s Employment Generation Programme (PMEGP) is being implemented by the Ministry of Micro, Small, and Medium Enterprises (MSME) to help entrepreneurs establish new businesses in the non-farm sector.
It attempts to bring job possibilities to unemployed kids in rural and urban areas as well as traditional craftspeople right to their doorstep.
Since the program’s launch, over 9.69 lakh microbusinesses have benefited from a Margin Money subsidy totaling more than Rs 25,500 crore, creating an estimated 79 lakh jobs (direct and indirect).
In the upcoming biennium (FY 2024–25 to FY 2025–26), the Ministry aims to establish 1.6 lakh new businesses that have the capacity to create jobs for 12.8 lakh individuals.
Similar to this, the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM) has been put into action by the Ministry of Rural Development (MoRD).
A part of DAY-NRLM is the Startup Village Entrepreneurship Programme (SVEP).
It is anticipated that the 3,02,825 assisted firms under SVEP have generated about 6,26,848 in new jobs.
A number of startup initiatives have been introduced by the Ministry of Electronics and Information Technology (MeitY), including the “Technology Incubation and Development of Entrepreneurs” (TIDE) 2.0 Scheme. 8,556 jobs have been created by 1,235 startups with the help of the TIDE 2.0 Scheme.
According to the minister, the government has implemented over 55 regulatory reforms since 2016 to facilitate corporate operations, streamline capital raising, and lessen the startup ecosystem’s need for compliance.
The angel tax on startups was eliminated by the Center in the Union Budget 2024–2025, opening the door for more foreign investment to enter the ecosystem and extending the funding winter.
