Prime Minister Narendra Modi addressed the "Prarambh: Startup India International Summit" on Sunday Credit: Twitter

To support startups and help budding entrepreneurs pursue innovative ideas, Prime Minister Narendra Modi announced the launch of ₹ 1,000 –crore “Startup India Seed Fund.”

Addressing the “Prarambh: Startup India International Summit,” the Prime Minister expressed confidence that the growth of startups will help in the generation of jobs and improve the lives of people in the region.

“To provide initial capital for startups, the nation is launching a ₹ 1,000 crore Startup India Seed Fund. This will help in setting up new startups and promote their growth,” the Prime Minister said.

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This summit marked the fifth anniversary of the Startup India initiative launched by Modi in 2016. He added that the government has been implementing the Fund of Fund Scheme to help startups raise equity capital and that going forward GOI will also help startups in raising debt capital.

The Prime Minister also said that the nation is home to the world’s third-largest startup ecosystem that has helped several budding entrepreneurs to come up with innovative technologies and then become big corporations. He added that the startups aren’t clustered in big cities, as about 40% of such entrepreneurs are also coming from tier-II and –III cities also.

In 2014, there were only four startups in the unicorn club which has now increased to more than 30 said PM Modi and out of them, 11 startups entered the unicorn club in the year 2020 itself.

India ranks third in the world in the largest startup ecosystem. There are over 41,000 startups in the country.

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