PM Modi Announces Rs 1,000 Crore Fund to help Startups in the Country.

Announcement of Rs.1000 crore 'Startup India Seed Fund' to help new entrepreneurs.
Announcement of Rs.1000 crore 'Startup India Seed Fund' to help new entrepreneurs

Prime Minister Narendra Modi on Saturday interacted with startups through video conferencing and addressed 'Start: Startup India International Summit'. On this occasion, PM Modi announced Startup India Seed Fund worth Rs 1000 crore to provide financial help to new entrepreneurs. He told that 8 thousand startups registered on the government procurement portal GEM have done business of Rs 2300 crore.

PM Modi announced the Startup India Seed Fund with a thousand crore rupees, so that there is no shortage of initial capital for startups. This will help in starting and advancing new startups. Already, the Fund of Funds scheme is helping startups to raise equity capital. The government will also help startups in raising capital through guarantee.

In his speech, Prime Minister Modi said that India is working to create a startup ecosystem based on the mantra of 'youth, youth by youth' (of the youth, by the youth, for the youth), we will next Set your goals for five years and the goal should be that our start-ups, our unicorns emerge as global giants and lead the technology of the future.

PM Modi said that startups are changing the demographic characteristics of business today. He said that women are directors in 44 percent of recognized startups in India and the number of women working in these startups is very high. Similarly, 45 per cent of startups fall in Tier-2 and Tier-3 cities, acting as brand ambassadors for local products. Every state is giving help and protection to startups according to their local possibilities and today 80 percent of the districts of the country are associated with Startup India Movement.

The Prime Minister said, the result is in front of us because earlier thinking 'Why don't you do the job? Why Startup? ’Has now changed to‘ Job is ok, but why not start your own startup! ’. He further said that in 2014 only 4 Indian startups of India were included in the 'Unicorn Club', but today more than 30 startups have crossed the 1 billion mark.

The Prime Minister said that startups are getting new opportunities through the GEM portal, as 8,000 startups are registered on the GEM portal and they have done business of Rs 2300 crore through GEM. He said that the presence of startup on GEM will only increase in the coming time. This will lead to better investment in local manufacturing, local employment and startup research and innovation.

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