Prime Minister Narendra Modi on Saturday announced that the government will be investing Rs 1000 crore as a part of the Startup India Seed Fund to enable upcoming entrepreneurs pursue their dreams. The fund will enable the “setting up of new startups and promote their growth”, said PM Modi while addressing the Prarambh: Startup India International Summit on the fifth anniversary of Startup India, an initiative launched by PM Modi in 2016.
Calling India, the third-largest ecosystem, PM Modi reiterated that there were more than 41000 startups actively operating in the country. He further stated that more than 30 startups in India had crossed the 1 billion mark, 11 of which had done so in the unprecedented times of Corona, thus showcasing their capabilities. “When large companies struggled to survive globally, amid the pandemic, startups powered India’s drive for being self-reliant”. The seed fund would be aiding the business visionaries to develop into big companies.
Recognizing that easy access to funds was required at the initial stages of growth, PM Modi announced that financial assistance up to 20 lakhs would be provided to startups for showing proof of concept, and up to 50 lakhs grant would be available for commercialization purposes. Grants would further be available for prototype development, product trials, market-entry, said the PM.
Deeming it to be the century of digital evolution and new new-age innovations, Prime Minister in the summit held on January 16th expressed that it was necessary to promote future entrepreneurs in the nation. The startup seed would be available to the entrepreneurs through selected incubators spread across the country.