The government will launch a ₹1,000-crore Startup India Seed Fund, that will assist the startups in the country with the initial capital for growth and operations, Prime Minister Narendra Modi announced on Saturday.
At the Startup India's international Summit, Prarambh, 2021, hosted by the Department for the Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, PM Modi said, "We are launching a ₹1,000 crore startup 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."
The Startup India initiative was launched in 2016.
Mentioning the official figures, Modi said that throughout the country, there are over 41,000 startups today and 44 per cent of these ventures have been officially recognised, Live Mint reported.
Modi said over 5700 startups belong in information technology (IT), around 3600 startups in healthcare and over 1700 agriculture-related startups.
As per records, despite the pandemic, 11 startups had turned unicorns in 2020. Comparing the number of unicorn startups in 2014, which was just 4, Modi said that today India has over 30 startups valued at over $1 billion.
Modi also said that amid the pandemic, when large companies were struggling to survive globally, startups powered India's drive for being self-reliant. He applauded the startups for catering India's demands during the pandemic and fulfilling every need--from grocery to health and from education to commerce.
On the first day of the two-day event, the Union minister for railways, consumer affairs, commerce and industry, Piyush Goyal, said that skill development will play an important role as it would give confidence to young entrepreneurs.
Also, Goyal mentioned that the present young generation has an immense entrepreneurial streak, and instead of being job seekers, they should aim to be job creators.