Indian Economy News

India has 70,000 recognised start-ups: PM Modi at MP govt function

Prime Minister Mr. Narendra Modi unveiled the Madhya Pradesh government's Start-Up Policy 2022 and a start-up portal through a video link. Startups would receive subsidies for rent and employee salaries under the proposed programme. On this occasion, he also met with a few entrepreneurs to hear about their businesses and offer advice on how they might help people.

In 2014, there were 300 to 400 start-ups in the country, but in eight years, their number has increased to 70,000, according to the prime minister. The state government will provide subsidies to start-ups for workspace rent, salaries, and product patents under the new programme. If a start-up is working from a rented place, Rs. 5,000 (US$ 64.34) per month will be paid for rent. It will also get Rs. 5,000 (US$ 64.34) per month per head for a salary of up to 25 employees, the official added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.