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1.14 lakh startups churn 12 lakh jobs
image for illustrative purpose
Defying Odds
- India overcame factors like valuation issues, few IPOs, regulatory changes
- Macro issues, geo-political unrest also impacted
- Over 950 tech startups founded in 2023
New Delhi: More than 1.14 lakh startups in India have created over 12 lakh jobs so far, the Finance Ministry said in its latest review of the Indian economy. In the report titled, ‘The Indian Economy: A Review January 2024’, the Department of Economic Affairs (DEA) said that the 1.14 lakh startups recognised by the government under the ‘Startup India initiative’ created more than 12 lakh jobs (as of Oct 2023).
The state-owned e-commerce platform Open Network for Digital Commerce (ONDC) clocked more than 63 lakh transactions till November 2023, according to the document. Despite facing global challenges in 2023, India remains the third largest tech start-up ecosystem globally.
