Indian start-ups have created 1.6M jobs, says government
What's the story
The Department for Promotion of Industry and Internal Trade (DPIIT) revealed that start-ups in India have created more than 1.6 million jobs.
As of December 25, the DPIIT had recognized 157,000 start-ups across the country.
The report also noted that over 73,000 of these start-ups have at least one woman director on their board.
Ecosystem growth
India's start-up ecosystem is vibrant and diverse
The DPIIT credited the phenomenal growth of India's start-up ecosystem to the widespread availability of affordable internet and a young, dynamic workforce.
The growth has been witnessed across sectors such as fintech, edtech, health-tech, and e-commerce.
"India's journey toward becoming the world's leading start-up ecosystem is driven by a combination of demographic, economic and policy factors," the department said.
Global ranking
India is the 3rd largest start-up hub globally
The DPIIT has announced that India has become one of the most vibrant start-up ecosystems in the world, becoming the third largest start-up hub.
The department added that "with over 100 unicorns, the Indian start-up landscape is shaping the future of innovation and entrepreneurship."
This highlights India's contribution to the global innovation trends.
Global impact
Indian start-ups are making their mark internationally
The DPIIT also emphasized the global reach of Indian start-ups by mentioning companies such as Zomato, Ola, and Nykaa that have taken their businesses across the world.
The department said that these companies showcase India's capacity to scale and compete globally.
The success of Indian-origin start-ups in Silicon Valley was also mentioned as another example of India's global presence in the start-up arena.