It has attracted the brightest of minds across the length and breadth of the country, including the much spoken of India and Bharat cohorts. The sector has also attracted private investments to encourage the proof of concept and its scale of delivery.
The Economic Survey 2021-22 report indicated that the number of newly recognised startups have increased to over 14,000 in 2021-22 from only 733 in 2016-17. "India had a record number of start-ups (44) reach unicorn status in 2021," said the Economic Survey, adding that India overtook the UK to emerge as the third highest country in the number of unicorns after the US and China, which added 487 and 301 unicorns, respectively, in 2021. More than 61,400 startups have been recognised in India as of 10, January 2022. During the year 2021, at least one new startup had cropped up in 555 districts, compared to 121 districts in 2016-17.
Moreover, ministry data shows that since the launch of the Startup India initiative on 16 January 2016, more than 69,000 startups have been recognized in the country till 2 May 2022. Innovation in India is not just limited to certain sectors. Startups are solving or attempting to solve problems in 56 diverse sectors, with 13 per cent being involved in IT services, nine per cent in healthcare and life sciences, seven per cent in education, five per cent in professional and commercial services, five per cent in agriculture, and five per cent in food and beverages.
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