Funds for startups – The government is now to offer a total of 1,000 crores to new entrepreneurs, according to Prime Minister Narendra Modi. “We are initiating a ₹1,000 crore startup India seed fund to support startup companies flourish in the country. We are attempting to create a startup system that is focused on the motto ‘of the youth, by the youth, for the youth,” Modi said during Startup India‘s International Summit in Prarambh, 2021, organized by the Department for Industry and Internal Trade Promotion (DPIIT), Ministry of Trade and Industry, Government of India.
Modi claimed that there are more than 41,000 start-ups in the country at the moment and 44% are recognized officially. About 5700 IT start-ups, about 3,600 healthcare start-ups and more than 1700 agricultural start-ups.
These start-ups are transforming the demographic structure of the market. India today is among the largest start-up ecosystem nations,” he added.
Amid the Covid-19 pandemic, 11 entrepreneurs in 2020 converted into unicorns, with more than 30 startups in India currently worth more than $1 billion.
As big corporations failed to thrive internationally, in the aftermath of the pandemic, startups drove India’s push to be self-reliant. Startups had risen up to fulfil diverse demands after the disease outbreak. From e-commerce to e-health, education to e-commerce, entrepreneurs have taken care of almost everything and are no longer limited to metros. Startups fuelled India’s push to be self-reliant in the wake of the pandemic while big corporations were worried about surviving,” Modi said.
Union Minister for Railways, Consumer Affairs, Commerce and Industry Piyush Goyal said on Friday, the first day of the two-day gathering, that skills development would play a significant role in giving young entrepreneurs faith that they will emerge from setbacks.
Goyal added that the new young generation has an overwhelming creative streak, seeking to be career developers rather than work-seekers.
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