The number of recognized startups has increased rapidly and crossed 1.25 lakh in 2023-24. At the same time, the number of patents granted has increased seventeen-fold in the 10-year period, from 5,978 in 2014-15 to 1,03,057 in 2023-24, a study shows.
According to Finance Minister Nirmala Sitharaman, who tabled the Economic Survey 2023-24 in Parliament, there has been progress in industrial research and development in recent years, as reflected in India’s consistent improvement in the Global Innovation Index.
Over 45% of startups emerged from tier II and III cities and the number of startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) has increased from 300 in 2016 to over 1.25 lakh in March 2024.
With over 12,000 patent applications filed between 2016 and March 2024, Indian startups are leading the innovation curve in the country, a PIB press release said.
It also said that 135 alternative investment funds had invested over Rs 18,000 crore in startups by the end of FY24, while the Bharat Startup Knowledge Access Registry brings together diverse stakeholders in the startup ecosystem.
According to the press release, the government plans to set up the Anusandhan National Research Foundation (ANRF) at an estimated cost of Rs 50,000 crore during 2023-28. This will serve as a high-level body to provide strategic direction to scientific research in the Indian industry.
The study shows that the number of registered designs has increased from 7,147 in 2014-2015 to 30,672 in 2023-2024.
