Government aims to establish 50,000 start-ups by 2024

By

Isabelle Crossley

Published
Jun 21, 2019

The government aims to improve India’s start-up business ecosystem and aims to establish 50,000 start-ups across a range of business categories by 2024.

The government is focusing on start-ups to foster economic growth, the President of the newly re-elected government Ram Nath Kovind told Parliament in the capital on June 20. In order to achieve this, the government will tweak regulations to increase ease of doing business for the sector, the Press Trust of India reported.

"To improve the start-up ecosystem, the government is simplifying the rules,” said Kovind, as reported by the Press Trust of India. “This campaign will be further expedited. Our goal is to establish 50,000 start-ups in the country by 2024." 

Kovind also said that India has now entered the league of countries that have the largest number of start-ups and intends to continue to build the sector. The government’s Start-up India initiative will work to encourage start-ups to grow and has recognised 19,303 such business so far.

Along with encouraging start-ups, the government is also continuing its drive to increase domestic production in a range of sectors including apparel and textiles. With both start-ups and manufacturers, the government is taking a regional approach and tailoring its strategies to different states.