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India Has Become Third Largest Startup Ecosystem Globally: PM Modi

Mumbai: Prime Minister Narendra Modi launched the Madhya Pradesh Startup Policy during the Madhya Pradesh Startup Conclave held in Indore. PM Modi also launched the Madhya Pradesh Startup Portal yesterday and interacted with startup entrepreneurs through video conferencing.

Addressing the gathering, the Prime Minister said that India’s startup revolution will be an important hallmark of the elixir of freedom. Today, the country has a proactive startup policy and substantial startup leadership, he said.

Shri Modi said that startups in India are becoming a powerful medium to fulfil the dreams of the common Indian youth. In the year 2014, there were only 300 to 400 startups in India, whereas today this number has reached 70 thousand. India has the third-largest startup ecosystem in the world.

The Prime Minister said that the success of our startup is due to the creation of infrastructure, simplification of government processes and changing the mindset of the people to create a new ecosystem in the country.

Hackathons have become a strong foundation for startups. Our schools are acting as a nursery for startups.

He further said that Atal Tinkering Labs in schools and over 700 incubation centres have also been instrumental in setting up startups in the country.

Several provisions have been incorporated to meet this objective such as assistance in investment, program planning, lease rentals, extension and patents to start-ups and incubators.

The new policy will provide additional 20 per cent support to women-led start-ups and create enthusiasm for innovation and start-ups among school and college-level students through special programs.

Along with various types of discounts to start-ups, special incentive assistance of Rs 1 crore will also be given to selected start-ups and innovators.

In order to give effect to the start-up policy, Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited have been merged with Madhya Pradesh Laghu Udyog Nigam to form an exclusive venture capital for funding support to start-ups in future.

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