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Startups Provided 4.7 Lakh Jobs Till December '20, 40 Funded Ones Working in Space Segment in India

By: Rounak Kumar Gunjan

News18.com

Last Updated: January 29, 2021, 18:47 IST

File Photo of Start-Up Culture

File Photo of Start-Up Culture

The government recognized 41,061 startups out of which around 39,000 startups created these job opportunities. The survey did not specify the names of the companies or sectors that reported these jobs.

More than 4.7 lakh jobs were reported by startups in the country till December 2020, the government’s annual pre-budget Economic Survey said on January 29.

The government recognized 41,061 startups out of which around 39,000 startups created these job opportunities. The survey did not specify the names of the companies or sectors that reported these jobs.

It said the country is now home to 38 unicorns, with at least 12 startups getting added to the list last year. The US and China have 243 and 227 companies that are worth more than a billion-dollar.

The survey also said SIDBI committed Rs 4,326.95 crore to 60 SEBI registered Alternative Investment Funds (AIFs) from the fund of funds for startups (FFS) which has a corpus of Rs. 10,000 crores, as of December 1.

These funds have raised a corpus fund of Rs 31,598 crores. A sum of Rs 1,270.46 crores have been drawn from the FFS and Rs 4,509.16 crores have been invested into 384 startups

The fund of funds was announced by the government as part of its Startup India Action Plan in 2016.

According to the survey, the government has taken multiple measures to promote startups in the country. For instance, till November 2020, 319 startups were also granted income tax exemptions.

Also, over 40 funded startups are working in India in the space segment and the number is likely to increase in the coming years, with technology playing a big role and the recent reforms allowing private participation announced by the government, the Survey added.

So far, these startups have teams and structure on space and satellite projects complementing the efforts of the government.

India’s space program is one of the most well-developed in the world and has achieved numerous successes through its state-owned agency, the Indian Space Research Organisation (ISRO) which is responsible for driving the space activities in India.

Also read: Economic Survey Predicts ‘V-Shaped’ Recovery With 11% GDP Growth in 2021, Fiscal Deficit Target

 The government in June 2020 also opened up the space sector enabling the participation of private firms in the entire gamut of space activities. It has also established Indian National Space Promotion and Authorisation Centre (IN-SPACe) for promoting industries and attracting investment in the space sector.

Further, ISRO will be sharing its infrastructure, transfer technology know-how for production and spin-off. These measures would help India become a manufacturing hub of space assets.

As per a Satellite Industry Association Report (2020), the global space economy was pegged at $366 billion in 2019, growing about 1.7 percent over 2018. The commercial satellite industry accounts for nearly 75 percent of the global space business.

PwC values the Indian space economy at $7 billion or roughly 2 percent of the global space economy.

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first published:January 29, 2021, 18:47 IST
last updated:January 29, 2021, 18:47 IST