Economic Survey: Delhi Replaces Bengaluru As India’s Startup Capital
According to the Economic Survey 2021-22, Delhi has replaced Bengaluru as the startup capital of India. Tabled by Finance Minister Nirmala Sitharaman in the Parliament on Monday, the survey highlighted that, between April 2019 to December 2021, over 5,000 recognised startups were added in Delhi, while 4,514 startups were added in Bengaluru.
As per the survey, in the last three years, the number of startups in the space sector has increased from 11 to 47 between 2019-2021. The factors responsible for the growth of this industry was providing a predictable, forward-looking, well defined and enabling regulatory regime for space activities in the country.
Economic Survey | Increase In Filing And Granting Of Patents
The survey highlighted that most of India’s startups are in the IT/ knowledge-based sector. Intellectual property, specifically patents, is the key to this knowledge-based economy.
Over the years, there has been a gradual increase in the filing and granting of patents in India. As per the data, the number of patents filed in India has gone up from 39,400 in 2010-11 to 58,502 in 2020-21. During the same period, the patents granted in India increased from 7,509 to 28,391.
India has the third-largest startup ecosystem in the world after the US and China, with Maharashtra being the state with the highest number of recognised startups, a total of 11,308 startups.
In 2021, a record number of 44 Indian startups marked their entry into the coveted unicorn club. Additionally, Indian overtook the UK to emerge as the third highest country in the number of unicorns after the US and China, which added 487 and 301 unicorns respectively in 2021. India has 83 unicorns with a total valuation of $ 277.77 billion as of January 14, 2022.
In another recent report by NASSCOM and Zinnov, in 2021, Indian startups raised over 2x of what they raised in 2019 and 3x of the investment raised in 2020.
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