On National Startup Day, A Look at Key Achievements of Startup India in Various Sectors Led by PM Modi
16 Jan 2024 17:39:50
With India establishing itself as the third-largest startup ecosystem globally, Indian startups have witnessed remarkable growth in recent years. The government has also been fostering entrepreneurship through initiatives such as the Startup India scheme.
On January 15, 2022, Prime Minister Narendra Modi declared January 16 as National Startup Day, marking the foundation day of Startup India. He emphasized the significance of startups in shaping the new India and highlighted their role in elevating India from 81 to 40 on the Global Innovation Index.
As the nation celebrates 8 inspiring years of Startup India, the initiative has not only revolutionized the startup landscape but also contributed to an innovative culture. Let’s dive in and see the Nation’s Startup India key milestones achieved in these 8 years.
1. Space Sector: The space sector has been a significant success story for Indian startups where tech players utilize their skills and knowledge to develop solutions that not only make India self-sufficient but rather also a global leader. From one space startup in 2014 to 189 in 2023, the space sector is experiencing exponential growth. Investments reached $124.7 million in 2023, fostering astronomical innovations.
2. Tech Visionaries: Tech Visionaries under Startup India are driving innovation with over 31,000 tech startups, 950 AI startups, 480 IoT startups, and 440 Big Data startups. These forward-thinking ventures are set to contribute a remarkable $450-500 billion to India's economy by 2025, shaping the nation's technological landscape.
3. Cybersecurity: India's cybersecurity landscape has evolved significantly, reflecting the country's increasing digitalization and the growing importance of securing online spaces. With industry revenue of $1.37 billion, the talent pool in cybersecurity startups has surged from 15,000 in 2019 to an impressive 27,000 in 2021.
4. Renewable Energy: A key part of the Startup India project, Renewable Energy Startup India was established to stimulate the development of firms that are devoted to utilizing sustainable energy sources. From three startups in 2016 to 682 in 2022, renewable energy startups are driving sustainable growth, contributing to India's energy transition.
6. Metros: In the past decade, Pune, Chennai, and Hyderabad have experienced significant growth in their startup ecosystems. However, beyond metropolitan cities, Jaipur has emerged as a surprising hotspot, attracting the highest funding for startups. As a nationwide startup revolution with over 1 lakh recognized startups, 52% from Tier-2 and Tier-3 cities, and startups flourishing in 700+ districts, Startup India is democratizing innovation, proving that entrepreneurial spirit knows no boundaries.
7. Nari Shakti Startups: Forty-five percent of startups are driven by women entrepreneurs, showcasing the significant contribution of women in painting the entrepreneurial canvas with innovation.
8. Empowering Women in Entrepreneurship: Startup India has made significant strides in breaking gender barriers, with over 55,000 startups featuring women directors. An impressive 48% of startups now have at least one woman director, showcasing the initiative's commitment to gender equality.
Conclusion
Since its founding, Startup India has changed, empowering women, shattering stereotypes, and stimulating expansion in a variety of industries. The path continues with a strong foundation and a variety of programs assisting new businesses, all pointing to a future in which creativity is unrestricted and every entrepreneur has the chance to succeed.
On January 15, 2022, Prime Minister Narendra Modi declared January 16 as National Startup Day, marking the foundation day of Startup India. He emphasized the significance of startups in shaping the new India and highlighted their role in elevating India from 81 to 40 on the Global Innovation Index.
As the nation celebrates 8 inspiring years of Startup India, the initiative has not only revolutionized the startup landscape but also contributed to an innovative culture. Let’s dive in and see the Nation’s Startup India key milestones achieved in these 8 years.
Sector-wise Growth
1. Space Sector: The space sector has been a significant success story for Indian startups where tech players utilize their skills and knowledge to develop solutions that not only make India self-sufficient but rather also a global leader. From one space startup in 2014 to 189 in 2023, the space sector is experiencing exponential growth. Investments reached $124.7 million in 2023, fostering astronomical innovations.
2. Tech Visionaries: Tech Visionaries under Startup India are driving innovation with over 31,000 tech startups, 950 AI startups, 480 IoT startups, and 440 Big Data startups. These forward-thinking ventures are set to contribute a remarkable $450-500 billion to India's economy by 2025, shaping the nation's technological landscape.
3. Cybersecurity: India's cybersecurity landscape has evolved significantly, reflecting the country's increasing digitalization and the growing importance of securing online spaces. With industry revenue of $1.37 billion, the talent pool in cybersecurity startups has surged from 15,000 in 2019 to an impressive 27,000 in 2021.
4. Renewable Energy: A key part of the Startup India project, Renewable Energy Startup India was established to stimulate the development of firms that are devoted to utilizing sustainable energy sources. From three startups in 2016 to 682 in 2022, renewable energy startups are driving sustainable growth, contributing to India's energy transition.
5. Waste Management: Waste Management startups focus on addressing environmental challenges by introducing innovative solutions for effective waste disposal, recycling, and sustainable waste management practices. The number of Waste Management Startups increased from zero in 2016 to 311 in 2022, leading the charge towards a sustainable and eco-friendly future.
Celebrating 8 years of #StartupIndia!
— MyGovIndia (@mygovindia) January 16, 2024
From inception to now, India's startups have broken barriers and are emerging in new frontiers.
Here's a thread for you.#NationalStartupDay2024#TheNextWave pic.twitter.com/TfXVMT74dN
6. Metros: In the past decade, Pune, Chennai, and Hyderabad have experienced significant growth in their startup ecosystems. However, beyond metropolitan cities, Jaipur has emerged as a surprising hotspot, attracting the highest funding for startups. As a nationwide startup revolution with over 1 lakh recognized startups, 52% from Tier-2 and Tier-3 cities, and startups flourishing in 700+ districts, Startup India is democratizing innovation, proving that entrepreneurial spirit knows no boundaries.
7. Nari Shakti Startups: Forty-five percent of startups are driven by women entrepreneurs, showcasing the significant contribution of women in painting the entrepreneurial canvas with innovation.
8. Empowering Women in Entrepreneurship: Startup India has made significant strides in breaking gender barriers, with over 55,000 startups featuring women directors. An impressive 48% of startups now have at least one woman director, showcasing the initiative's commitment to gender equality.
Conclusion
Since its founding, Startup India has changed, empowering women, shattering stereotypes, and stimulating expansion in a variety of industries. The path continues with a strong foundation and a variety of programs assisting new businesses, all pointing to a future in which creativity is unrestricted and every entrepreneur has the chance to succeed.