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PM Modi Launches ₹1,000-cr ‘Startup India Seed Fund’ For Entrepreneurs

Mumbai: Prime Minister Narendra Modi on Saturday launched a ₹1,000-crore Startup India Seed Fund, while addressing Prarambh, an international startup summit.

PM Modi announced about the fund ‘Start: Startup India International Summit’ organized by the Ministry of Commerce. The two-day summit, which was attended by the BIMSTEC countries, was celebrated on Saturday.

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Addressing the program through video conferencing, Prime Minister Narendra Modi said that several steps have been taken so that startups do not have to face problems related to finance.

“To ensure that our startups do not face credit crisis, the nation has taken many steps. I am making an announcement today. We give Startup India seed of Rs 1,000 crore to help new startups to grow in the country. It will help in the growth of new startups. We are trying to create a startup system that is based on the mantra “of the youth, by the youth, for the youth,” PM Modi said.

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He said, “Through Startup India, our youth have built a foundation and now we have to ensure that our startups emerge as global giants and lead the technology of the future. It should be the motto of all BIMSTEC nations.”

PM Modi said that India is one of the world’s largest startup ecosystem and more than 44 percent of startups have women directors.

He said that there are over 41,000 startups in the country including 5,700 in IT sector, 3,600 in health sector and 1,700 in agriculture.

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“These startups are changing the demographic character of the business. Today, the country says ‘we will do it’ whether it is digital payments, AI revolution or solar energy sector, and we can see results. In India, 80 per cent of the districts are connected to startups.”

He said a booklet on the evolution of startups in India has been released to share experiences over the past five years.

“I want every BIMSTEC country to share their experiences with each other from time to time,” he said.

The Prarambh: Startup India International Summit is being organised by the Department for Promotion of Industry and Internal Trade of the Union ministry of commerce and industry from January 15-16. Saturday is the second and final day of the summit that aims to reimagine the importance of collaboration between countries to further startup ecosystems.

(With Agency Inputs)

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