According to the Economic Survey of 2021-22, India has the third largest startup ecosystem after the US and China. As of April 20, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised has 68,265 startups. The fiscal year of 2021-22 alone saw over 14,000 new enterprises. Despite this, only 441 out of the 68,265 recognised new businesses have received income tax exemptions.

Startup India was launched by the Modi government in 2016 with the aim to breed an ecosystem that supported new business endeavours. And it certainly has been helpful to be registered with the government’s website. “I have received great opportunities,” says Ajit Padmanabh, founder and CEO of WHO VR, a Bengaluru-based digital heritage company. “It is a window for cross-culture opportunities,” he says, citing the example of a tie-up with Germany that could allow them to showcase their tech and extend market outreach to the West. “There are also sector-specific funding opportunities,” Padmanabh adds.