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Over 15,500 startups recognised by DPIIT since Jan 2016: Chaudhary

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Dion Global

05 Feb 2019

A total of 15,632 startups have been recognised by the department for promotion of Industry and internal trade since the launch of Startup India initiative in January 2016, Parliament was informed Monday.

The government launched the Startup India initiative to build a strong ecosystem for nurturing innovation and entrepreneurship.

"A total of 15,632 startups have been recognised by the department since the launch of Startup India initiative in January 2016," Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha.

Replying to a separate question on foreign direct investment, the minister said as on December 31, last year, 47 FDI proposals are under consideration at various stages in the concerned administrative ministries and departments.

He said that a standard operating procedure has been devised for processing FDI proposals.

Foreign Investment Promotion Board (FIPB), which used to consider FDI proposal for approval or rejection, had been abolished in May 2017. After that, the work has been entrusted to the concerned administrative ministries and departments.

"Since then up to 31.12.2018, 283 proposals have been received including those which were not disposed of by erstwhile FIPB. Out of these, 120 proposals have been approved, 117 have been closed/rejected and 46 are under consideration in various Ministries/Departments," he added.

Foreign direct investment into India has declined 11 per cent to USD 22.66 billion during April-September period of the current fiscal.