MORE THAN 4.7 LAKH JOBS REPORTED BY START-UPS TILL DECEMBER 2020, SAYS ECONOMIC SURVEY Start-upscreatedjobsduringpandemic

Amid Covid-induced job losses, the startups have proved to be job creators in India. A well over 4.7 lakh jobs were reported by startups in India till December 2020, said Economic Survey. The Survey noted that startups are the platform for entrepreneurs who have the ability to think out of the box and innovate to conceive products that can create a niche for themselves in a dynamically changing world.

The government recognised 41,061 startups out of which around 39,000 startups created these job opportunities. However, the Survey did not specify the names of the companies or sectors that reported these jobs. The Indian start-up ecosystem, which defied odds during a pandemic-hit year to create record 12 unicorns, has the potential to be the engine of growth in the medium to long run.

According to the Survey, SIDBI committed Rs 4,326.95 crore to 60 SEBI registered Alternative Investment Funds (AIFs) from the fund of funds for startups (FFS) which has a corpus of Rs. 10,000 crore.

About 319 startups have been granted income tax exemptions till November last year. There are more than 40 start-ups working in India with funding, teams and structure on space and satellite projects.

start-up ecosystem has potential to be growth engine in medium to long run