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Narendra Modi announces ₹1,000-crore ‘Startup India Seed Fund’

New Delhi: The Prime Minister of India Narendra Modi launched a ₹1,000 crore startup seed fund at the Startup India International Summit – Parambh.

“We are launching a ₹1,000 crore Start-Up India Seed Fund to help new startups grow in the country. We are trying to create a startup system which is based on the mantra ‘of the youth, by the youth, for the youth’,” Prime Minister Modi expressed.

“Startups powered India’s drive for being self-reliant amid the pandemic when major companies were thinking about survival. India is one of the biggest startup ecosystems in the world. More than 41,000 startups incl nearly 5,700 startups in the IT sector, 3,600 in the health sector, and 1,700 startups in agriculture are engaged in work. These startups are changing the demographic character of the business,” PM Modi said.

Encouraging the founders of Indian startups, he said that startups are changing the demographic character of businesses in the country.”This is the age of digital revolution, new-age innovation and it is the demand of the time that future entrepreneurs should be from Asian countries. Future technology should come from Asian labs.

Startup India International Summit is being organized by the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry on January 15-16.

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