Andhra Pradesh aims for 20,000 startups by 2029

The government of Andhra Pradesh has introduced a new policy called the AP Innovation & Startup Policy (4.0) for 2024-2029. This initiative aims to create 20,000 new startups over the next five years. It also aims to generate at least 100,000 new jobs. The policy includes goals to support the growth of 20 Soonicorns and 10 Unicorns, both terms used to describe successful startups. It plans to establish or expand 10 Centers of Excellence focused on advanced technologies such as deeptech, blockchain, and augmented reality. Other areas of focus include Internet of Things, quantum computing, climate technology, healthtech, and cybersecurity. Andhra Pradesh has a history of promoting innovation. The state was the first in India to introduce a Startup and Innovation Policy in 2014. The previous policy, which was in place from 2021 to 2024, has now ended. The new policy is designed to meet current challenges and capitalize on new technology and market changes. As of December 2024, India has recognized 150,000 startups, with significant growth since 2015. Almost half of these are in Tier-2 and Tier-3 cities. In the past five years, Andhra Pradesh saw the creation of 6,600 startups, with 2,400 registered with the Department for Promotion of Industry and Internal Trade. In 2022, the state was ranked as a 'leader' in the State Startup Ranking, showing its dedication to fostering a supportive startup environment.