According to Union Minister Piyush Goyal, there were 84,012 recognised companies in the nation at the end of November, making India's startup success rate comparatively greater than that of the rest of the globe.
“Startups are prone to failures is a very high probability. Though I must say, the success rate of startups in India is relatively higher than the rest of the world . . . ,” the minister said, adding that the number of recognised startups has increased from 452 in 2016 to 84,012 as on November 30, 2022.
However, Goyal's in-depth responses to members' questions about India's startup environment resulted in some abrasive exchanges between the opposition and treasury benches, particularly after Adhir Ranjan Chowdhury objected to Goyal's "political statement" rather than concise answers. In addition, Chowdhury took issue with Goyal's refusal to recognise the Congress administration's contribution to the establishment of the prestigious IITs, which he claimed houses one of the nation's most successful start-up incubators.
“The Incubation Centre in IIT Madras is doing such a phenomenal work that in a short span of time the startups that have been created at that centre have a combined valuation of over £3 billion. Today, they have built 12,00,000 square feet of area in which they have provided some of the most modern equipment,” Goyal had said.