New Delhi, Mar 16 (KNN) Due to the government’s efforts in building a strong ecosystem for nurturing innovation and startups in the country, number of recognised startups have increased from 442 in 2016 to 92,683 in 2023 (as of February 28), Minister of State for Commerce and Industry Som Parkash informed the parliament on Wednesday.

The government, with an intent to build a strong ecosystem for the startups had launched the Startup India initiative on January 16, 2016.

The recognised startups are eligible for availing tax and non-tax benefits under the Startup India initiative.

According to the ministry data, more than 7,000 recognised startups are in sectors like construction, house-hold services, logistics, real estate and transportation.

Highest number of recognised startups are from IT sector (11,099) followed by healthcare and life sciences (8,691), education (5,962), agriculture (4,653), and food and beverages (4,523).

In the Union Budget 2023-24, the government proposed an extension in the incorporation of income tax benefits to start-ups from March 31, 2023 to March 31, 2024. Conforming to the Union Budget, the government also stated that it would extend the benefit of loss carry-forward for start-ups from seven to ten years after incorporation.  (KNN Bureau)