Government of India's Startup Initiative Records 3,085 Operating Fintech Startups

With 3,085 recognized startups operating under the government's Startup India initiative, India's financial technology (fintech) sector is thriving. The Department for Promotion of Industry and Internal Trade has helped these startups grow by providing various incentives. Since the inception of Startup India in 2016, the government has recognized a total of 98,119 entities as startups. Startups must meet specific criteria such as incorporation date, revenue and profit benchmarks, and employee count to be eligible for recognition.

Recognized startups are eligible for government fiscal and non-financial incentives. The International Financial Services Centres Authority (IFSCA) has put measures in place to help the fintech sector, including creating a dedicated 'Fin-Tech Entity Framework' to address the needs of fintechs and techfins. Furthermore, the IFSCA has introduced a fintech and startup incentive scheme that includes grants such as startup grants, sandbox grants, proof-of-concept grants, green fintech grants, listing grants, and accelerator grants.

The Indian government has implemented the Pradhan Mantri Jan Dhan Yojana (PMJDY), a programme aimed at increasing financial inclusion by facilitating access to bank accounts and financial services, in order to attract investment in the fintech sector. This initiative has provided opportunities for fintech startups to develop technological solutions to cater to India's large consumer base.