The number of recognized startups has rapidly increased, surpassing 1.25 lakh in 23-24. Simultaneously, the number of patents awarded has surged seventeen fold during the past decade, from 5,978 in 2014-15 to 1,03,057 in 2023-24, according to a survey.
Finance Minister Nirmala Sitharaman presented The Economic Survey 2023-24 to Parliament, citing recent advancements in industrial research and development as indicated by India’s constant progress in the Global Innovation Index.
Over 45% of startups emerged from Tier II and Tier III cities, and the number of DPIIT-recognised startups is expected to exceed 1.25 lakh by March 2024, up from 300 in 2016.
With almost 12,000 patent applications filed between 2016 and March 2024, Indian start-ups are driving the country’s innovation, according to a PIB announcement.
Finance minister concludes consultations; FY25 budget will be presented on July 23.
It further noted that 135 Alternative Investment Funds have invested more than Rs 18,000 crore in start-ups by the end of FY24, and that the Bharat Startup Knowledge Access Registry is bringing together various players in the startup ecosystem.
According to the statement, the government plans to establish the Anusandhan National Research Foundation (ANRF) at a cost of Rs 50,000 crore between 2023 and 2028. This is intended to be an apex body that provides high-level strategic direction for scientific research in the Indian sector.
The number of registered designs climbed from 7,147 in 2014-15 to 30,672 in 2023-24, according to the survey results.
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