Uttar Pradesh: Over half of the state’s registered companies are run by women

According to a senior bureaucrat, more than 50% of startups registered in Uttar Pradesh (UP) are run by women, demonstrating the state’s support for business. The Department for Promotion of Industry and Internal Trade (DPIIT) recognizes over 13,370 startups in Uttar Pradesh, of which over 6,812 are led by women. DPITT is a central government department within the Ministry of Commerce and Industry.

“More than 50 per cent of startups in UP have at least one woman director, which indicates an amenable ‘doing business’ environment and active support to new enterprises,” said the senior state government official.

The state’s registered startups have created over 100,000 jobs. According to the official, the state’s ecosystem has nurtured a culture of innovation and entrepreneurship, and it has emerged as a startup hub. With the goal of becoming a $1 trillion economy in the next 4-5 years, the state government is reviewing existing policies and developing new ones to simplify the rules for establishing new industrial units.

Yogi Adityanath, the Chief Minister, has directed officials to build startup facilitation desks in Kanpur and Noida, two significant industrial hubs.The state’s startup policy for 2020, which was revised in 2022, plans to construct 100 incubators throughout all 75 districts.

Recently, Invest UP Chief Executive Officer Abhishek Prakash said the state is fortifying the single window clearance system for businesses and linking startups with big industries to boost the socioeconomic spectrum. “Our single window clearance portal ‘Nivesh Mitra’ is the largest platform in India. It has the highest disposal rate of 97.22 per cent, which has also fetched us an award from the central government,” Prakash had said during a panel discussion in Lucknow.

Moreover, UP has planned to develop India’s first artificial intelligence (AI) city in Lucknow, and set up an exclusive fund for the emerging technology to boost the AI ecosystem and foster AI startups. As of January 2024, the national government had recognized over 130,000 startups across India, with Tier II and III cities accounting for half of these businesses.As of March 2023, India had 108 unicorns with a combined valuation of over $340 billion. 44 unicorns with a valuation of $93 billion were launched in 2021, while 21 unicorns with a valuation of $27 billion were established in 2022.