Prime Minister Narendra Modi announced a seed fund worth Rs 1,000 crore on Saturday for Start-ups to provide them with initial capital to start and grow their business, and said that guarantees would be given to help Start-ups to raise debt capital for going ahead.
About Startup India Initiative
Start-up India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Start-ups in the country that will drive sustainable economic growth and generate large scale employment opportunities
PM Modi said in his address to the BIMSTEC (Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal) countries at ‘Prarambh: Start-up India International Summit’, organized by the Department for Promotion of Industry and Internal Trade (DPIIT) that – “We are trying to create a Start-up system which is based on the mantra – ‘Of the youth, By the youth, For the youth’.He further said, that the Start-Up India movement is completing 5 years on 16th January and on the same day India has kick-started its biggest Covid vaccination drive. The aim for the next 5 years should be that our Start-ups become global giants.
The Prime Minister also said that “India is one of the biggest nation in the Start-up Eco-system with more than 41,000 Start-ups who are involved in one mission or the other. In the country nearly 5,700 startups are working in the IT Sector, 3,600 in the Health Sector and 1,700 Start-ups in Agriculture.
Emphasizing that these Start-ups are changing the demographic character of business, he added that “Earlier, on hearing about a Start-up 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 said that in 2014, only 4Start-ups in India were there in the Unicorn Club but today, more than 30 Start-ups have crossed $1 billion out of which 11 Start-ups joined the Unicorn Club in 2020, during the Covid-19 crisis.
On government procurement, PM said that more than 8,000 Start-ups are registered with the Government e-Marketplace(GeM) and have done total business of Rs. 80,000 Crore through the GeM portal.
About PRARAMBH – Start-Up India International Summit
Department for Promotion of Industry and Internal Trade (DPIIT) Ministry of Commerce and Industry, Government of India organized ‘Prarambh’ – Start-up India International Summit – on 16th January 2021 in a virtual format.
‘Prarambh’ means ‘an Auspicious beginning’. as, it implies ‘To start’.
Prarambh is expected to bring together top policy makers, industries, investors, startups and all stakeholders from across the globe. In addition to consideration on good practices from best of the Eco-systems across the world, the sessions of the Summit was designed to showcase the spread and depth of entrepreneurship based on innovation in India. The idea is to attain attention of global capital for Start-ups in India, organize domestic capital, provide opportunities for accessing international markets to our startups and develop allowable policy provisions.
Objectives of Start-up India Scheme
- Motivating and inspiring the youth for innovation and entrepreneurship.
- Exchange knowledge on best practices on nurturing Start-up Eco-systems.
- Evolving capacities of entrepreneurial Eco-system.
- Organize global and domestic capital for investments into Start-ups.
- Provide opportunities to Start-ups for entering domestic (private and public) and international markets.
- Showcasing high Quality, high Technology and Economical innovations from India.
- Enable ease of doing business for Start-ups and Investors.
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