India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman

India now has 1.76 lakh registered startups, 118 unicorns: FM Sitharaman

The variety of registered startups has reached 1.76 lakh within the final 11 years, with 118 unicorns (startups with $1 billion valuation and above), thus fueling youth entrepreneurship, Finance Minister Nirmala Sitharaman mentioned on Friday.

In a publish on social media platform X, the Finance Minister mentioned that “youth in India are constructing startups and creating jobs”.

That is “a glimpse of the work performed for the youth within the final 11 years underneath the steering of Prime Minister Narendra Modi”, she posted.

Union Minister of Petroleum and Pure Gasoline, Hardeep Singh Puri, mentioned in a separate X publish that within the final 11 years, seven new IITs have been opened, together with eight new IIMs and 16 new AIIMS.

“1.6 crore+ youth skilled underneath PMKVY (Pradhan Mantri Kaushal Vikas Yojana) and 17.6 lakh+ direct jobs created from 1.6 lakh startups. Practically 30,000 vocational schooling faculties established, with greater than 30 lakh college students enrolled,” the minister mentioned.

Within the final 11 years, “52.5+ crore collateral free Mudra loans disbursed to small companies and as much as Rs 33 crore loans price Rs 1 lakh+ crore given. Beneath the PM Internship Scheme, internship alternatives have been offered to 1 crore youth within the prime 500 firms. About 490 new universities have been established to unfold larger schooling in each nook of the nation”, Puri talked about.

Final month, the Division for Promotion of Business and Inner Commerce (DPIIT) underneath the Ministry of Commerce and Business, notified the growth of the Credit score Assure Scheme for Startups (CGSS), which will increase the ceiling on assure cowl per borrower from Rs 10 crore to Rs 20 crore.

In keeping with the federal government, the extent of assure cowl offered has additionally been elevated to 85 per cent of the quantity in default for mortgage quantities as much as Rs 10 crore and 75 per cent of the quantity in default for mortgage quantities exceeding Rs 10 crore.

According to PM Modi’s imaginative and prescient for reworking India into an innovation-driven self-reliant financial system, the notified expansions goal to handle the financing wants of innovation-driven startups. The expanded scheme will additional cut back the perceived dangers related to lending to startups in established monetary establishments, enabling higher monetary movement and runway for startups to undertake analysis and improvement experimentation, and create cutting-edge innovation and applied sciences.