India’s startup ecosystem has surged to unprecedented heights, growing from 450 startups in 2016 to over 1.5 lakh by 2024, solidifying its position as the world’s third-largest. With an annual growth rate projected at 12-15%, the ecosystem is poised to more than double by 2030, driving innovation, bolstering the economy, and amplifying India’s global entrepreneurial stature.

As of October 31, 2024, a total of 152,139 entities have been officially recognized under the Startup India initiative, according to Minister of State for Commerce and Industry Jitin Prasada. Addressing the Lok Sabha, Prasada highlighted the initiative’s role in nurturing innovation and attracting private investments since its launch in January 2016.

“To date, 152,139 entities have been recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT),” Prasada confirmed in a written response.

The government has backed this dynamic sector through flagship programs such as the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS). These schemes address critical challenges like early-stage funding and credit access, fostering a supportive environment for growth.

With its continued expansion, India’s startup ecosystem is set to contribute significantly to the nation’s GDP and its vision of becoming a global innovation hub.