Andhra Pradesh Witnesses a 3.5X Surge in New Startups Since 2019
Andhra Pradesh, one of the fastest-growing states in India, has experienced a remarkable surge in startup activity over the past few years. According to recent data released by the Department for Promotion of Industry and Internal Trade (DPIIT), the number of startups being recognized in the state has increased more than three and a half times since 2019. In 2023 alone, 586 startups were recognized, compared to the mere 161 startups acknowledged in 2019.
The announcement was made by Som Prakash, the Union minister of state for commerce and industry, during a session in the Rajya Sabha. The increase in startup numbers in Andhra Pradesh has not only showcased the tremendous entrepreneurial potential of the state but has also led to a three-and-a-half fold rise in direct job opportunities. The number of direct employment opportunities created by DPIIT-recognized startups in Andhra Pradesh skyrocketed to 5,669 in 2023 from just 1,552 in 2019, a significant boost for the state’s economy.
The trend of burgeoning startup activity is not exclusive to Andhra Pradesh. According to the minister, the entire country has witnessed a three-fold increase in startup recognition by DPIIT. In 2019, DPIIT recognized 10,604 startups across India, a number that surged to an impressive 34,779 in 2023. This surge in recognition also contributed to a substantial increase in job creation, with 390,512 jobs being generated in 2023, compared to 123,071 in 2019.
Highlighting the growth in the nation’s startup ecosystem, the minister revealed that there are now 117,254 DPIIT-recognized startups operating across the country as of December 2023. These startups have created over 1.2 million direct jobs, indicating a significant economic impact. Moreover, at least one recognized startup can be found in every state and union territory of India, with over 80% of districts boasting the presence of these entrepreneurial ventures.
Another positive aspect emphasized by the minister was the increasing representation of women in startup leadership. Since the launch of the Start-up India initiative in 2016, 55,816 DPIIT-recognized startups have appointed at least one woman director on their boards as of December 31, 2023. This progress reflects a more inclusive and diverse entrepreneurial landscape in the country.
With such significant developments, it is evident that the startup scene in Andhra Pradesh and India as a whole is thriving. The increasing number of startups and job opportunities is indicative of the entrepreneurial spirit and innovation that continues to drive economic growth in the country. As more support and resources are directed towards nurturing these startups, there is no doubt that India will solidify its position as a global hub for innovation and entrepreneurship.
In conclusion, Andhra Pradesh’s startup ecosystem has witnessed remarkable growth in recent years, recording a 3.5X surge in new startups since 2019. This surge has not only led to a significant increase in direct employment opportunities but also showcases the immense potential of the state in fostering entrepreneurship. With a concerted focus on supporting startups, India is poised for even greater success in the world of innovation and technology.
