India is rapidly becoming a hub of startups. The youth are getting the benefit of this. A large number of youth are getting jobs in startups. According to the data released by the central government, the startups that have received recognition from the government in the country have together created more than 15.5 lakh employment opportunities so far. In the last decade, many steps have been taken by the government to increase the startup culture in the country. In response to a question in the Lok Sabha, the Minister of State for Skill Development and Entrepreneurship (Independent Charge) (MSDE) said that 1,40,803 startups have been identified by the Department for Promotion of Industry and Internal Trade (DPIIT).
Urban and rural unemployed youth got jobs
The Central Micro, Small and Medium Enterprises (MSME) has implemented the Prime Minister Employment Generation Program (PMEGP). Under this, industrialists are to be helped to set up new enterprises in the non-agricultural sector. Its objective is to provide employment opportunities to traditional artisans and urban and rural unemployed youth. Since the inception of this scheme, a subsidy of Rs 25,500 crore has been given to 9.69 lakh micro enterprises and these have provided employment to 79 lakh people directly and indirectly.
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Foreign funding will increase in startups
The ministry has planned to set up 1.6 lakh new enterprises in the next two financial years (2024-25 and 2025-26). This is likely to provide employment to 12.8 lakh people. Let us tell you, in the General Budget 2024-25, the government has removed the angel tax. With its removal, foreign funding will increase in startups.
