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PM Modi Rolls Out Seed Funding Of Rs 1000 Crore For Startups At Prarambh International Summit
Source: ANI
Prime Minister Narendra Modi rolled out a start-up India seed fund of Rs 1,000 crore to encourage startups and emerging businesses to avail preliminary funding, Financial Express reports.
Speaking at the Prarambh Start-up India International summit, PM Modi said that this initiative will encourage the growing startups. He also assured that the central government will also help entrepreneurs raise debt capital by providing guarantees.
“India is trying to create a startup ecosystem which will be based on the key principle of the youth, by the youth and for the youth,” the report quotes PM Modi as saying.
PM Modi further emphasised on the point that the country has the third-largest startup ecosystem in the world. He detailed that more than 5,700 out of India’s 41,000 startups are in the IT sector. Furthermore, 1.700 startups are concerned around the agricultural sector whereas 3,600 of them work in the healthcare department.
Prime Minister Modi asserted that these startups are transforming the demographic characteristics of businesses as he claimed, “The biggest USP of the startup world is its disruption and diversification capacity.”
The government e-marketplace (GeM) portal creates a level playing ground for both big businesses and indigenous startups to participate in government tenders. 8,000 startups have registered on the portal and done business of around Rs 2,300 crore so far.
Over 10 startups belonging to a widespread range of sectors right from payments to beauty turned into unicorns in 2020. The Prime Minister also lauded these startups for producing innovative solutions for various issues amidst the pandemic and assisting the government in stabilising the country’s economy.
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