A total of 3,085 recognised startups are operating within the financial technology (fintech) sector as of April 30, 2023, Union Minister Rao Inderjit Singh told the Parliament on Monday.
The government has notified a set of conditions for the startups to be recognized by the DPIIT, such as date of incorporation, revenue and profit benchmarks and number of employees. Recognized startups get certain fiscal and non-fiscal incentives announced by the government from time to time. “To promote our startup ecosystem, especially in the fintech sector, the International Financial Services Centres Authority (IFSCA) has taken various measures,“ Singh stated. Among these measures is the introduction of a distinct ‘Fin-Tech Entity Framework’, designed to cater to the needs of fintechs and techfins.
