With more than 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as of January 15, India has firmly established itself as the third-largest startup ecosystem in the world, the government said on Wednesday.

From 2016 to October 31, 2024, recognised startups have reportedly created over 16.6 lakh direct jobs, significantly contributing to employment generation.

The IT services industry leads with 2.04 lakh jobs, followed by healthcare and lifesciences with 1.47 lakh jobs, and professional and commercial services with around 94,000 jobs, the Ministry of Commerce and Industry said in a statement.

On January 16, India marks nine years of ‘Startup India’, a transformative journey that began in 2016.

Designated as ‘National Startup Day’, this occasion celebrates the nation’s strides in fostering a robust and inclusive entrepreneurial ecosystem.

Major hubs like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have led this transformation, while smaller cities have increasingly contributed to the nation's entrepreneurial momentum.

Startups in fintech, edtech, health-tech, and e-commerce have tackled local challenges and gained global recognition.

“The number of DPIIT-recognised startups has grown from around 500 in 2016 to 1,59,157 as of January 15, 2025. As of October 31, 2024, a total of 73,151 recognised startups include at least one woman director, showcasing the rise of women entrepreneurs in India,” according to the government data.

The DPIIT launched the Bharat Startup Knowledge Access Registry (BHASKAR) platform in September last year.

This cutting-edge initiative, part of the Startup India programme, aims to centralize and streamline interactions within India’s entrepreneurial ecosystem.

‘Startup Mahakumbh 2024’ witnessed remarkable participation, with 48,000 attendees, 1,300 exhibitors, and global delegations from 14 countries, underscoring its growing prominence in shaping India's entrepreneurial landscape.

The fifth edition of Startup Mahakumbh is all set to take place on March 7-8, 2025, in New Delhi, said the Ministry.