Rs 1,000-cr Startup India Seed Fund launched by Prime Minister Modi
We should aim that our startups and unicorns excel as global giants and lead in futuristic technology, PM Modi said
Prime Minister Narendra Modi has announced the launch of a Rs 1,000 crore (10,000 million dollars) Startup India Seed Fund intending to provide opportunities to new startups to flourish in the country.
Addressing the second day of Prarambh: Startup India International Summit on Saturday, PM Modi said, “We are launching a Rs 1,000 crore Startup India Seed Fund to help new startups grow in the country.”
“We are trying to create a startup system which is based on the mantra 'of the youth, by the youth, for the youth,” he added.
Under the Startup India program, PM Modi said that the youth of the country has built a strong foundation in creating ideas and starting their business for the last five years.
He said that it is time to set targets for the next five years.
“We should aim that our startups and unicorns excel as global giants and lead in futuristic technology,” he said.
Speaking during the event, the Prime Minister noted India is one of the biggest startup ecosystems in the world.
“More than 41,000 startups including nearly 5,700 startups in the IT sector, 3,600 in the health sector, and 1,700 startups in agriculture are engaged in work,” he said.
He further said that these startups are changing the demographic character of business. He said that 44 percent of the recognized startups have women directors, and in fact, women are engaged in such startups in large numbers.
Further, he said the startup ecosystem has also given a chance to the economically unstable youth to showcase their talents and earn.
Even during the Covid-19 times, India has started Atmanirbhar Bharat and the startups have a big role to play in it, he said.
“Our startups helped the country in the tough times of Covid-19. They sought opportunity in emergency and some of them provided doorstep grocery while others helped in the supply of sanitizers and PPE kits,” he said.
The Prime Minister also noted that the startups are spread across the country and have a presence even in Tier 2 states of the country.
“Disruption and diversification are the USP of our startups,” he added.
Prarambh: Startup India International Summit marks the fifth anniversary of the Startup India initiative launched by PM Modi on January 16, 2016. The Summit is built on the foundation set through the 19-point action plan of the Startup India initiative in 2016.
The two-day summit was yesterday inaugurated by the Ministry of Commerce and Industry Piyush Goyal where he addressed a gathering of innovators, entrepreneurs, investors, regulators, industry leaders, and academic luminaries from India and across the world including BIMSTEC countries, and also launched the Virtual Startup Showcase.
Day 1 of the Summit saw over 1,20,000 registrations and was devoted to hosting dignitaries and stakeholders from the BIMSTEC Member States. The Summit witnessed the participation of renowned stakeholders from startup communities of BIMSTEC member states who engaged in multilateral discussions and showcased the best of their innovations. The day also saw non-stop pitching by 54 enterprising startups with 75 investors.
The event is supported by Industry bodies Invest India, FICCI, Indian Angel Network, IVCA, TiE Delhi NCR, CII, NASSCOM, SIDBI, TiE Global and International Finance Corporation.