Govt Says India Added 679 New Renewable Startups In 6 Years

The Ministry of Commerce and Industries, in its latest statement made before the Rajya Sabha, told the House that India added a total of 679 new startups in the last six years. The response and the detailed statistics shared by the ministry revealed that several government-recognised startups working towards sustainability had increased manifolds in the country in the last six years.

The tremendous growth of startups was witnessed in sectors like renewable energy, green technologies, waste management, agriculture, and automotive. Take, for example, the renewable sector. The data shared by Som Prakash, Minister of State for the Commerce and Industries ministry, claimed that India had only three startups in 2016 in the renewable sector. It increased to 682 in 2022, showing a multifold increase. 

Similar was the fate of startups in green technologies. The sector had merely one startup in this segment in 2016, which increased to 502 in 2022. On the other hand, the waste management sector, which did not have a single registered startup in the waste management sector, saw a rise of 311 startups in total in 2022. 

The minister said that the rise was due to the policy support to the segment by the government. “Various measures have been undertaken by the government under the Startup India initiative to encourage and promote innovation and entrepreneurship across the country. As a result, as on 30th April 2023, there is at least one recognized startup in every State, and UT spread across over 80% of the districts across the nation,” the minister said.

Prakash said that under the Startup India initiative, the government constantly undertakes various efforts to develop and grow the startup ecosystem in the country. 

“The flagship Schemes, namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), support startups at various stages of their business cycle to enable startups to graduate to a level where they are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions,” the minister said.