New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1.40 lakh entities as startups as on June 30 this year, the Parliament was informed on Friday.

These startups are eligible for a host of incentives, including income tax benefits under the startup Indian action plan, which was announced in 2016. The government, with the objective of building a strong ecosystem for nurturing innovation, startups and encouraging investments in the startup ecosystem of the country, launched the Startup India initiative on January 16, 2016. “DPIIT has recognised 1,40,803 entities as startups as on 30th June 2024,” Minister of State for Commerce and Industry Jitin Prasdada said in a written reply to the Rajya Sabha.

Out of this, over 25,000 are recognised in Maharashtra. It is followed by Karnataka (15,019), Delhi (14,734), Uttar Pradesh (13,299) and Gujarat (11,436). The minister also informed in a different question that under the Startup India Seed Fund Scheme, Rs90.52 crore was approved to startups by incubators as on June 30 as against Rs186.19 crore in 2023.

The total number of startups selected by the incubators under this scheme was 592 as against 1025 in 2023. Similarly, under Fund of Funds for Startups, Rs805.86 crore was invested in the startups by supported AIFs (Alternate Investment Funds) as on June 30 as against Rs3,366.48 crore in 2023.