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PM Modi announces 1,000 crore seed fund to support start-ups

This handout photograph taken on January 16, 2021 and released by the Indian Press Information Bureau (PIB), shows Indian Prime Minister Narendra Modi during the launch of Covid-19 coronavirus vaccination drive via video conferencing in New Delhi. (Photo by - / INDIAN PRESS INFORMATION BUREAU / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT
This handout photograph taken on January 16, 2021 and released by the Indian Press Information Bureau (PIB), shows Indian Prime Minister Narendra Modi during the launch of Covid-19 coronavirus vaccination drive via video conferencing in New Delhi. (Photo by - / INDIAN PRESS INFORMATION BUREAU / AFP) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/Indian Press Information Bureau (PIB)" - NO MARKETING - NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS (AFP)

The Prarambh: Startup India International Summit is being organised by the Department for Promotion of Industry and Internal Trade of the Ministry of Commerce and Industry on January 15-16

Prime Minister Narendra Modi on Friday launched a 1,000 crore startup seed fund at the Startup India International Summit: Prarambh.

"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'," said PM Modi.

"Startups powered India’s drive for being self-reliant amid the pandemic when major companies were thinking about survival," he added.

Further lauding the founders, he said that startups are changing the demographic character of businesses in the country.

"India is one of the biggest startup ecosystems in the world. More than 41,000 startups incl nearly 5,700 startups in 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 business," the prime minister said.

Talking about how popular perception about the startup culture has changed, he said: "Earlier, on hearing about a startup people used to ask 'why don't you do a job?'. But now people say why not create a start-up instead of doing a job."

He iterated the potential of growth that lies in Asian countries. "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," said PM Modi.

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

Today was the second and final day of the summit.

As per a statement from the Prime Minister's Office, the first day of the event brought some of the world's leading minds on one platform and enabled government and international organizations to share their views to ignite the minds of young innovators and entrepreneurs.








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