Goal is to establish 50,000 start-ups by 2024: President

President Ram Nath Kovind said Thursday the government will take steps to further improve the start-up ecosystem in the country with an aim of having 50,000 such enterprises by 2024.

Addressing the joint sitting of Parliament, Kovind said India has joined the league of countries with most number of start-ups in the world.

"To improve the start-up ecosystem, the government is simplifying the rules. This campaign will be further expedited. Our goal is to establish 50,000 start-ups in the country by 2024," he said.

Start-up India initiative of the government aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of budding entrepreneurs.

So far, as many as 19,303 start-ups have been recognised by the department.

Since last year, the commerce and industry ministry has started conducting ranking exercise of states and union territories to encourage them take proactive steps towards strengthening the ecosystems within their jurisdictions for budding entrepreneurs.