Indian Startups Created Record 2.69 Lakh Jobs In Last 12 Months; Total 9 Lakh Jobs Created In 5 Years!


Radhika Kajarekar

Radhika Kajarekar

Feb 02, 2023


The Economic Survey 2023 has revealed that young and upcoming companies have created way more jobs this year. 

Indian Startups Created Record 2.69 Lakh Jobs In Last 12 Months; Total 9 Lakh Jobs Created In 5 Years!

The Survey states that in the past year, direct jobs created by new companies have risen by 36 percent to 269,000. 

Job Creation By Startups in India Increased by 36%

The survey has also revealed that the number of recognized startups in India has increased. The number was 452 in 2016 which rose to 84012 in 2022. The report also states that 48 percent of the startups in India are from Tier 2 and 3 cities. 

According to the survey, startups will create jobs at a rate that is 64 percent higher in 2022 than it was on average over the previous three years.

According to data from the ministry of commerce and industry, 1.46 lakh startup jobs were created in Maharashtra between January 2016 and July 2022.

Karnataka, which is home to Bengaluru’s tech hub, came in far behind with more than 1.03 lakh jobs. With 87,643 jobs, Delhi comes in third, followed by Uttar Pradesh with 67,694.

13,519 Startups Registered Last Year; Maharashtra Leads

With 13,519 startups registered in the last six years, Maharashtra once again led the way, followed by Delhi (8,636), Uttar Pradesh (6,654), and Karnataka (8,881).

The Economic Survey 2023 also mentioned startup flipping as one of its most crucial points. “Flipping” typically occurs in the early stages of startups and is motivated by the financial, tax, and personal preferences of the founders and investors. Because the primary market for their product is abroad, some businesses choose to “flip.”

According to the survey, startups are now considering “reverse-flipping,” or returning to India, after it was revealed that the fintech unicorn PhonePe’s relocation cost its investors roughly Rs 8,000 crore.

It also recommended steps to speed up reverse-flipping, including tax reform for employee stock options (ESOPs), capital gains tax regimes modelled after those in Singapore, the United Arab Emirates, and the Netherlands, and capital flow regulations similar to those in the US and Singapore.


Radhika Kajarekar
Radhika Kajarekar
  • 557 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online