Prime Minister Narendra Modi Announced the Launch of Rs 1,000-Crore ‘Startup India Seed Fund’ To Support Startups and Help Budding Entrepreneurs Pursue Innovative Ideas.
PM Modi Launches Rs 1,000 Crore Startup India Seed Fund
PM Modi said this fund is one of the initiatives that the country has started so that startups don’t face any capital crunch. Startups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help startups raise debt capital through guarantees.
“India is trying to create a startup ecosystem which is based on the mantra ‘of the youth, by the youth, for the youth’,” said Modi. “For the next five years, we have a mission that our startups, unicorns emerge as global giants and lead in futuristic technologies.”
“To ensure that our startups do not face a credit crunch, the nation has taken many steps. We are launching an Rs 1,000 crore Startup India Seed Fund to help new startups to grow in the country. It will help in the growth of new startups. We are trying to create a startup system that is based on the mantra “of the youth, by the youth, for the youth.”
“Through Startup India, our youth have created a base and now we have to ensure that our startups emerge as global giants and lead in futuristic technology. It should be the motto of all BIMSTEC nations,” he added.
PM Modi said that India is one of the biggest startup ecosystems in the world and over 44 per cent of startups have women directors.
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Highlighting the journey of Start-ups in India, Prime Minister said that the past few years have seen a rural revolution in the start-up world. Given this, 8 top innovators from small cities across 12 categories were honored during the programme. Underlining India’s performance, Prime Minister said the country has has made a place for itself in the Unicorn club.
He said the country has more than 41,000 startups including nearly 5,700 in IT sector, 3,600 in the health sector and 1,700 in agriculture.
“These startups are changing the demographic character of business. Today, the country says ‘we will do it’ be it digital payments, AI revolution or the solar energy sector, and we can see the results. In India, 80 per cent of the districts are connected to startups.”
While promoting ease of doing business for global venture funds. A closed-door roundtable was also hosted with emphasis on internationalization for startups and mobilizing global capital for Indian startups.
He said the country started the ‘Atma Nirbhar Bharat’ (‘self-reliant India) campaign at a difficult time of the pandemic. And the small ventures are also playing a big role in this. “During the pandemic, when the world’s big companies were struggling for their survival, a new army of startups was coming up in India,”
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Also, there is a huge awareness among people related to health and consuming healthy food. He said special growth is being given to the growth of the food and agriculture sectors in India. The country has also created an ‘Agri Infra Fund’ of Rs 1 lakh crore to modernize the infrastructure related to agriculture. This has opened up new avenues for small companies. Today these firms are collaborating with farmers. Startups are also playing their role in delivering food products from farm to table, with better quality.
For instance, the transactions on the UPI (unified payments interface) platform amounted to over Rs 4 lakh crore in December 2020. India is moving towards leading the world in the solar sector. According to a recent study, the use of AI in India has also increased very fast compared to the big countries of the world.
Start-up India Seed Fund:-
There was an announcement in the event called “start-up India seed fund”. Under the same, the government will give one thousand crore rupees to new entrepreneurs as sup
While launching the policy Modi said that they were launching 1,000 crore Start-Up India Seed Fund to help new startups grow in the country. ‘Of the youth, by the youth, for the youth’ is the mantra on base of which these startup system is based.
“Startups powered India’s drive for being self-reliant amid the pandemic when major companies were thinking about survival”, said PM when talking of self-reliance.
Source:-
http://ddnews.gov.in/national/pm-modi-addresses-prarambh-startup-india-international-summit