Prime Minister Narendra Modi on Saturday announced the launch of ‘Startup India Seed Fund‘ worth Rs. 1000 – crore, to support startups and help budding entrepreneurs pursue innovative ideas.
While addressing the ‘Prarambh: Startup India International Summit‘, Modi said that the growth of startups will help in generating jobs and improving the lives of people in the area.
“To provide opening capital to startups, the government is launching a Startup India seed fund of Rs 1,000 crore. This will help in starting new startups and their growth. We are trying to create a startup system that is based on the mantra ‘of the youth, by the youth, for the youth,” PM Modi said.
The government, Modi added, has been trying to help startups to raise equity capital through the Fund of Funds scheme.
Also, going forward the government will also help startups raise debt capital through guarantees.
The Startup India initiative marked its fifth anniversary with this Summit.
The Prime Minister said, India, is home to the world’s third-largest startup ecosystem which has helped several budding entrepreneurs to come up with innovative technologies and become big corporations.
He further said, that startups in India are no more limited to big cities and about, 40 percent of such promising entrepreneurs are coming from tier-II and -III cities.
While comparing the number of unicorn startups in 2014, which was just 4, Modi said that today India has over 30 startups.
He also informed, despite the pandemic, 11 startups had turned unicorns in 2020.
India is the world’s third-largest startup ecosystem. There are over 41,000 startups in the country.
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