Startup India creates over 16 lakh direct jobs as of October

India’s startup ecosystem, under the Startup India programme, has generated over 16.6 lakh direct jobs across 55+ industries. IT services led job creation with 2.04 lakh jobs, followed by sectors like healthcare, education, and food & beverage. While layoffs in the sector decreased to 11,250 in the first half of 2024, the government introduced BHASKAR, a digital platform designed to connect startups with investors, mentors, and service providers, further boosting the growth and stability of the ecosystem.

Startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT) have directly created over 16.6 lakh jobs across more than 55 industries as of October 31, 2024, Commerce Minister Piyush Goyal informed the Rajya Sabha on Friday. The Startup India programme, currently housing 1.5 lakh startups, continues to drive employment generation and innovation in India.

IT services startups topped the list with 2.04 lakh direct jobs, followed by 1.47 lakh in healthcare and life sciences, 94,060 in professional and commercial services, and 90,414 in education. Other notable contributions came from construction startups (88,702 jobs), food and beverage (88,468 jobs), and human resources startups (87,983 jobs).

The Commerce Ministry’s 2023 annual report highlighted that each DPIIT-recognised startup created an average of 11 jobs. On the other hand, layoffs in Indian startups declined sharply in the first half of 2024, with only 11,250 job cuts, compared to 21,000 during the same period in 2023 and 15,000 in the latter half of 2023, according to Longhouse Consulting.

To strengthen the startup ecosystem further, the government introduced BHASKAR (Bharat Startup Knowledge Access Registry) under the Startup India programme. This digital platform is designed to connect startups with investors, mentors, service providers, and government bodies, fostering collaboration and supporting growth in India’s thriving entrepreneurial community.