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Thursday, February 25, 2021

Start-up India seed fund launched by PM Modi to help young entrepreneurs

At the event, the Prime Minister also unveiled the "start-up India seed fund" in which the government will provide young entrepreneurs with one thousand crore rupees.

PM Modi launched start-up India seed fund to help young entrepreneurs on 15 January and released Rs 1,000 crore fund.

PM Narendra Modi has spoken to startup founders around the country and across the world at an international summit on Saturday, where he gathered through video conferences.

PM Modi congratulated the founders during that event and said that they are “capability to influence the future”

PM Modi said, “Earlier, on hearing about a startup people used to ask ‘why don’t you do a job?’. But now people say why not create a start-up instead of doing a job.”

He also said that ‘This is the age of digital revolution, new-age innovation’ and it is the “demand of the time that future entrepreneurs should be from Asian countries. Future technology should come from Asian labs.”

He further said that “these startups are changing the demographic character of business.”

“India is one of the biggest startup ecosystems in the world. More than 41,000 startups incl nearly 5,700 startups in the IT sector, 3,600 in the health sector and 1,700 startups in agriculture are engaged in work. These startups are changing the demographic character of the business,” he also said.

At the event, the Prime Minister also unveiled the “start-up India seed fund” in which the government will provide young entrepreneurs with one thousand crore rupees.

“We are launching a ₹1,000 crore Start-Up 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,'” PM Modi stated.

PM Modi also said, “Startups powered India’s drive for being self-reliant amid the pandemic when major companies were thinking about survival.”

From 15 to 16 January, the Prarambh: Startup India International Summit will be hosted by the Department for the Promotion of Industry and Internal Trade of the Union Ministry of Trade and Industry.

The second and final day of the Meeting was on Saturday which aims to re-imagine the significance of cross-country cooperation in encouraging start-up ecosystems.

The first day of the event gathered several of the world’s leading minds to one forum and encouraged government and international bodies to exchange their opinions with emerging innovators and entrepreneurs to fuel their minds.

Piyush Goyal, the Minister of Commerce and Industry, inaugurated the summit on 15 January.

On the first day, over 1,20,000 registrations were seen and the presence of esteemed stakeholders from start-up communities who participated in multilateral meetings and shared the best of their inventions was seen.

A confined panel discussion was also organized with a focus on start-up internationalisation and the mobilisation of global capital for Indian start-ups while encouraging global venture funds’ ease of doing business.

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