The number of recognized startups has increased to more than 1.25 lakh by March 2024, up from 300 in 2016, according to the Economic Survey 2023-24.

What's more interesting is that 45% of these startups come from Tier 2 and Tier 3 cities.

The survey, tabled by Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman, in Parliament, noted a rapid rise in patents, which increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24.

The survey mentioned that Indian start-ups are spearheading innovation in the country, with startups filing more than 12,000 patent applications from 2016 to March 2024.

The survey also highlights that registered designs rose from 7,147 in 2014-15 to 30,672 in 2023-24.

Notably, the Indian government aims to establish the Anusandhan National Research Foundation (ANRF), estimated to cost Rs 50,000 crore during 2023-28, to serve as an apex body providing high-level strategic direction for scientific research in Indian industry.