Overview
The government has bought several measures to support startups in India, in recent years. Be it broadening the definition of startups, simplifying regulations or even Income Tax exemptions (319 eligible startups got an exception under 80-IAC of the Income Tax Act). The government has also allocated ?10,000 crores of funds for startups by the Small Industries
COVID-19 has unleashed an unprecedented horror across India, be it the rising number of infections, crashing economies, unemployment or the overburdened healthcare system. Despite this, a marginal uptick can be found in the evolving startup sector of India. The pandemic has accelerated digitalisation, which helped most startups benefit and grow significantly. According to the Economic Survey 2020-21 by the Ministry of Finance, India currently has 41,317 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). More than 39,000 startups are reportedly providing 4,70,000 jobs currently, making India one of the world’s top 20 largest startup ecosystems.