PM Modi Declares Rs 1,000-Crore ‘Startup India Seed Fund’

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Prime Minister Narendra Modi.

Addressing the ‘Prarambh: Startup India Worldwide Summit’, Modi exuded confidence that the expansion of startups will assist in producing jobs and bettering lives of individuals within the area.

  • PTI New Delhi
  • Final Up to date: January 16, 2021, 20:31 IST
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Prime Minister Narendra Modi on Saturday introduced the launch of Rs 1,000-crore ‘Startup India Seed Fund’ to help startups and assist budding entrepreneurs pursue modern concepts. Addressing the ‘Prarambh: Startup India Worldwide Summit’, Modi exuded confidence that the expansion of startups will assist in producing jobs and bettering lives of individuals within the area.

“In an effort to present preliminary capital for startups, the nation is launching a Rs 1,000 crore Startup India Seed Fund. This may assist in establishing new startups and promote their development,” the Prime Minister stated. The summit marked the fifth anniversary of the Startup India initiative launched by Modi on at the present time in 2016.

The federal government, Modi added, has been implementing the Fund of Fund Scheme to assist startups elevate fairness capital. Going ahead, the federal government will even assist startups in elevating debt capital, he added.

India, the Prime Minister stated, is residence to the world’s third largest startup ecosystem which has helped a number of budding entrepreneurs to provide you with modern applied sciences and develop into huge companies. He additional stated that startups in India are usually not restricted to huge cities and about 40 per cent of such budding entrepreneurs are coming from tier-II and -III cities.

Modi stated in 2014 there have been solely 4 startups within the unicorn membership, however at the moment there are greater than 30. He knowledgeable that 11 startups entered the unicorn membership in 2020 itself. India is the world’s third largest startup ecosystem. There are over 41,000 startups within the nation.

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