DPIIT Considers 1.40 Lakh Businesses as Startups as of June 30

Parliament was informed on Friday that the Department for Promotion of Industry and Internal Trade (DPIIT) has designated 1.40 lakh entities as entrepreneurs as of June 30 of this year.

The startup Indian action plan, which was announced in 2016, provides a variety of incentives, such as income tax benefits, to these entrepreneurs.

The Startup India initiative was announced by the government on January 16, 2016, with the objective of fostering innovation, entrepreneurs, and investments in the country's startup ecosystem.

In a separate inquiry, the minister also disclosed that incubators had approved Rs 90.52 crore in funding for businesses under the Startup India Seed Fund Scheme as of June 30, a decrease from Rs 186.19 crore in 2023.

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The incubators selected a total of 592 businesses under this scheme, compared to 1025 in 2023.

In the same vein, supported AIFs (Alternate Investment Funds) invested Rs 805.86 crore in startups under the Fund of Funds for Startups as of June 30, compared to Rs 3,366.48 crore in 2023.

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