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Govt Recognized 15,632 Startups Since the Launch of Startup India Initiative in 2016

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Over 2100 Startups Recognized By DIPP Since Start up India Launch

Since the launch of Startup India initiative in January 2016, A total of 15,632 startups have been recognized to date by the Department of Industrial Policy and Promotion (DIPP) (now renamed as Department for Promotion of Industry and Internal Trade).

This information was given by Minister of State for Commerce and Industry C R Chaudhary, in a written reply to Parliament (Lok Sabha).

Interestingly, this figure is different from the data Ministry of Commerce and Industry had revealed just two months back. To recall, in December the ministry had informed to parliament that a total 14,565 startups have been recognized under Start-up India initiative.

In 2017, the government data then had showed that over 2196 new ventures in India have been recognized by the DIPP since January, 2016 to August 2017

Replying to a separate question on Foreign Direct Investment (FDI), the minister said as on December 31, last year, 47 FDI proposals are under consideration at various stages in the concerned administrative ministries and departments. He said that a standard operating procedure has been devised for processing FDI proposals.

Foreign Investment Promotion Board (FIPB), which used to consider FDI proposal for approval or rejection, had been abolished in May 2017. After that, the work has been entrusted to the concerned administrative ministries and departments.

“Since then up to 31.12.2018, 283 proposals have been received including those which were not disposed of by erstwhile FIPB. Out of these, 120 proposals have been approved, 117 have been closed/rejected and 46 are under consideration in various Ministries/Departments,” he added.

Foreign direct investment into India has declined 11% to USD 22.66 billion during April-September period of the current fiscal.

Source – Times of India

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