The number of recognised startups has seen a rapid increase crossing 1.25 lakh in 23-24. Simultaneously, the number of patents granted has increased seventeen-fold in the 10 year period from 5,978 in 2014-15 to 1,03,057 in 2023-24 a survey finds.
According to Finance Minister Nirmala Sitharaman, who tabled The Economic Survey 2023-24 at the Parliament, there has been an advancement of industrial research and development in recent years as evidenced by India’s consistent improvement in the Global Innovation Index.
Over 45% of startups emerged from Tier II and Tier III cities and the number of Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups increased to more than 1.25 lakh by March 2024 from 300 in 2016.
With over 12,000 patent applications filed from 2016 to March 2024, Indian start-ups are spearheading innovation in the country, a PIB release stated.
It also stated that 135 Alternative Investment Funds have invested more than Rs 18,000 crore in start-ups by the end of FY24, while the Bharat Startup Knowledge Access Registry is bringing together diverse stakeholders in the startup ecosystem.
According to the release, the Government aims to set up Anusandhan National Research Foundation (ANRF) with an estimated cost of Rs 50,000 crore during 2023-28. This is set to serve as an apex body to provide high-level strategic direction for scientific research in the Indian industry.
The registered designs also increased from 7,147 in 2014-15 to 30,672 in 2023-24, the survey found.
