Indian Startup Ecosystem:
Various reforms and initiatives by the Government have led to booming of the Indian Startup ecosystem.
- The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand.
- These companies generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.
- The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized startups which are spread across 56 diversified sectors.
- More than 4,500 Startups have been recognized in sectors relating to emerging technologies such as Internet of Things (IoT), robotics, artificial intelligence, analytics, etc.
- Sustained Government efforts in this direction have resulted in increasing the number of recognized Startups from 471 in 2016 to 72,993 in 2022.