The Economic Survey 2021-22 report, which was tabled in Parliament today, said the number of newly recognised startups has increased to over 14,000 in 2021-22 from only 733 in 2016-17.
As per the Economic Survey 2021-22, over the recent years, Delhi has replaced Bangalore as the startup capital of India. Over 5,000 recognised startups were added in Delhi, while 4,514 startups were added in Bangalore between April 2019 to December 2021. With a total of 11,308 startups, Maharashtra has the highest number of recognised startups.
“India had a record number of start-ups (44) reach unicorn status in 2021,” said the Economic Survey, adding that India overtook the UK to emerge as the third highest country in a number of unicorns after US and China, which added 487 and 301 unicorns, respectively, in 2021. As of January 14, 2022, India has 83 unicorns, with a total valuation of $277.77 billion.
“As a result, India has become the third-largest startup ecosystem in the world after the US and China. Further, a record 44 Indian startups have achieved unicorn status in 2021, taking the overall tally of unicorns in India to 83, most of these are in the services sector,” the Economic Survey noted.
The Economic Survey report suggests startups in India have grown remarkably over the last six years, most of these belong to the services sector. In total, more than 61,400 startups have been recognised in India as of January 10, 2022. By 2021, 555 districts had at least one new startup. On the other hand, only 121 districts had at least 1 new startup in 2016-17.