The success rate of startups in India is relatively higher than the rest of the world, Union commerce minister Piyush Goyal said while answering a question in the Lok Sabha on 14th december.
The number of recognised startups has increased from 452 in 2016 to 84,012 as on November 30, 2022, the Minister said.
Startups are offered the funding at various stages of their business cycles through the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
The SISFS has been approved with a corpus of 945 crore and has also been sanctioned for four years beginning in 2021–22. It aims to give entrepreneurs financial support for concept proofing, prototype development, product trials, market-entry, and commercialization.