Prime Minister Narendra Modi announced a Start-up India seed fund worth Rs 1,000 crore to support budding start-ups financially. Interacting with entrepreneurs at 'Prarambh: Startup India International Summit', Modi said that our goal for coming years should be to strive for turning unicorns start-ups of the country into global giants.
"To provide starting capital to start-ups, we are launching a Start-up India seed fund of Rs 1,000 crore. This will help start new start-ups and grow. Start-ups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help start-ups raise debt capital through guarantees," PM Modi said.
The event was the first start-up conclave of BIMSTEC nations. Addressing the event, the Prime Minister said he is hopeful of start-ups from the BIMSTEC region proving their mettle around the world.
PM Modi said that start-ups are also changing the demographic characteristic of business today. Today, women are directors in 44 per cent of recognised startups in India, and a large number of women are also working in them. Today, the youth coming from the general economic background are also able to bring their talent and their thinking to the ground. Its results are also in front of us today," he said.
"Only 4 start-ups in India were in the unicorn club in 2014, but today more than 30 start-ups have crossed the 1 billion mark. Surprisingly, 11 of our start-ups have joined the unicorn club in the year 2020 as well. That is, in this difficult year of the coronavirus," the Prime Minister further added.
The Prime Minister stated that India is world's third-largest start-up ecosystem in the world with over 41,000 start-ups.
"The biggest USP of the start-up world is its disruption and diversification capacity. Disruption, as they are giving rise to new approaches, new technology and new ways; diversification because they are coming up with diverse ideas bringing revolution is diverse sectors with unprecedented scale and substance. The greatest feature of this ecosystem is that it is guided more by passion than pragmatism. This 'can-do' spirit is evident in the way India is working today," Modi said.
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