The Department for the Promotion of Business and Internal Trade has recognized a total of 44,534 startups (DPIIT) under the Startup India initiative as of Feb 24, 2021. Minister for Commerce and Industry Som Parkash informed the Parliament in a written response.

He also stated that Startup India is a flagship initiative of the Government of India intended to fuel the Indian startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship.

Launched on January 16, 2016, the initiative has rolled out a variety of programs aimed at assisting entrepreneurs, cultivating a vibrant startup ecosystem, and transforming India into a nation of job creators rather than job seekers. The Startup India Team, which reports to the Department of Industrial Policy and Promotion, is in charge of these initiatives (DPIIT).

Under the Startup India initiative, recognized startups are eligible for a variety of benefits. They are eligible for tax deductions as well as other forms of assistance.

339 startups have been given income tax exemptions that will last until January 2021 and they are also eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

“Till date, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, the total number of Trademark applications filed – 12,264. About the fund of funds scheme, he said as of December 1, 2020, Rs 1,322.05 crore stands released to SIDBI, out of which Rs 500 crore was given in 2015-16; Rs 100 crore in 2016-17; Rs 431.30 crore in 2019-20 and Rs 290.75 crore in 2020-21," says, Som Parkash.

So far, at the state and federal levels more than 6,000 enforcement norms have been established, and efforts are underway to reduce these obstacles to promote ease of doing business.