NEW DELHI: Prime Minister Narendra Modi on Saturday, January 16, announced the launch of Rs 1,000 crore ‘Startup India Seed Fund’ to assist start-ups and help aspiring entrepreneurs follow innovative ideas. Addressing the ‘Prarambh: Startup India International Summit’, Modi displayed confidence that the growth of startups will help generate jobs and advancing lives of people in the region.
Modi said that to fend for the initial capital for startups, the government is launching a Rs 1,000 crore ‘Startup India Seed Fund’. This will help establish budding startups and promote their growth. He also added that the government has been implementing the Fund of Fund Scheme to help startups raise equity capital. Moving forward, the government will also help startups in raising debt capital. India, Modi said, is home to the world’s largest startup ecosystem, which has aided and supported numerous potential entrepreneurs to come up with innovative technologies and become big corporations. Further, he said that startups in our nation are not limited to metro cities. About 40 per cent of such aspiring entrepreneurs are coming from tier-II and -III cities.