The Commerce and Industry Ministry has announced that a total of 5,350 startups have been officially recognised by the Department of Industrial Policy and Promotion (DIPP). This recognition will enable them to avail the benefits under the Startup India Initiative.

According to a statement released by the Ministry, under the Fund OF Fund for Startups, upto 75 startups have received funding of Rs. 337.02 crore. Furthermore, 74 startups have been recognized at eligible to avail a tax exemption under the Income Tax Act.  “Under DIPP-recognized 5,350 startups, at least 40,000 people have been employed,” stated the Ministry.

The statement also said that the Start up India Hub has been set up as the single point of access in the entire startup ecosystem to serve the functions of knowledge exchange and fund access amongst startups. The Hub has solved upto 75,643 queries regarding a wide number of issued ranging from starting a business and raising funds to access to incubation, the statement was quoted saying.The Startup India is an initiative launched by the Government of India in August 2015 by Prime Minister Narendra Modi. The plan aims to promote bank financing for new ventures in order to boost entrepreneurship and job creation by startups in the country. Under the Fund of Funds for Startups (FFS) an amount of Rs. 500 crore was released to the SIDBI in the FY 2015-16 with an additional Rs 100 crore released in the FY 2016-17 to aid this mission.

(Picture courtesy: Enigneers India Ltd)