Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. "Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021," he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed - 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.