AP witnesses 65% rise in startup registration in last two years
By Team Startupcity | Monday, 27 March 2023, 10:37 IST
In the previous two years, the number of startups registered in Andhra Pradesh has increased by 65%. In 2022, there will be 382 startups registered, up from 231 in 2020. According to information given by the Union Minister of State for Commerce and Industry Som Parkash in the Rajya Sabha in response to a question posed by YSRC MP Parimal Nathwani, the number of entities recognised as startups by the Department for Promotion of Industry and Internal Trade (DPIIT) increased from 14,498 in 2020 to 26,542 in 2022.
The number of companies recognised as startups by the DPIIT in Andhra Pradesh was 231 in 2020, 296 in 2021, and 382 in 2022, according to statistics provided by the Center. 110 businesses from AP were recognised as startups up till February 28, 2023, bringing the total to 1,019.
As of February 28, 2023, the DPIIT has recognised 92,683 organisations as startups since the inception of the Startup India initiative in 2016. Namely, 67,223 companies have been recognised by the DPIIT as startups in the previous three years (2020, 2021, and 2022) and the present year (as of February 28, 2023). IT Services had the most startups registered overall (7,587), followed by Healthcare and Lifesciences (6,459) and Education (4,164).
Nathwani sought information about the number of startups registered in the country in the last three years and the current year, the number of startups that have turned unicorns during the same period and the steps taken/are being taken by the government to promote startup culture in the country. Under the Startup India initiative, the government constantly makes efforts for the development and growth of the startup ecosystem in the country.
The main initiatives, including Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), assist startups at different points in their development so they can advance to the point where they can attract angel or venture capital funding or apply for loans from financial institutions.
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