PM Modi unveils ₹1k-cr fund for startups
Prime Minister Narendra Modi on Saturday announced the launch of Rs.1,000 crore-Startup India Seed Fund to provide capital to entrepreneurs for innovative business plans.
“This fund will help in the launch of new start-ups and their growth,” the PM said at Prarambh, the startup India international summit jointly organised by the department for promotion of industry and internal trade (DPIIT) and the industry. “India is one of the largest ecosystems in the world. Today, more than 41,000 startups are engaged in India and involved in different types of initiatives. Out of that more than 5,700 are engaged in IT sector, over 3,600 in health sector and about 1,700 in agriculture sector,” PM Modi said.
Reacting to the announcement, Union commerce and industry minister Piyush Goyal tweeted, “India now has the 3rd largest Startup ecosystem in the world, with over 41,000 Govt recognised startups spread across 590 districts since the launch of ‘Startup India’ in 2016 by PM @NarendraModi ji.” The government will soon notify the scheme along with details such as eligibility criteria and interest rates, two government officials said requesting anonymity. “This is in addition to the Rs.10,000 crore Fund of Funds (FFS) for startups announced about five years ago,” one of the officials said.
FFS, managed by Small Industries Development Bank of India (SIDBI), was set up in 2016 with a total corpus of Rs.10,000 crore.
As of December 1, 2020, SIDBI had committed Rs.4326.95 crore to 60 alternative investment funds (AIFs), which have raised a total corpus of Rs.31,598 crore, the first official said. FFS provides support for development and growth of innovation driven enterprises and startups facing the challenge of access to the risk capital. The two-day startup India international summit was inaugurated on Friday. It was also attended by Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) countries.
Enter your email to get our daily newsletter in your inbox
- On Wednesday, the Centre had submitted a note prepared by Department of Financial Services (DFS) which did not agree with the Court’s suggestion to create additional courts as a solution to curb high pendency of Section 138 cases.
- Indore was ranked the ninth-best city among cities with over a million population.
- Pradhan, who has written at least three letters to Chief Minister Naveen Patnaik demanding immediate implementation of 27 per cent quota for OBC category, in a statement said that his demand for reservation in jobs and education remain unaddressed till date.
- General Bipin Rawat said the Indian armed forces face greater challenges than any other military in the world and India urgently needs to bring about structural reforms in higher defence and operational organisations.
- The bills passed by the assembly are the Arunachal Pradesh Civil Courts Bill, the Arunachal Pradesh Goods and Service Tax (Amendment) Bill, the Arunachal Pradesh Ease of Doing Business Bill and the Arunachal Pradesh Municipal Corporation (Amendment) Bill.
- Akhilesh Yadav launched a similar attack against EVMs during the 2019 Lok Sabha elections citing news clippings on malfunctioning of EVMs.
- Launched in 2018, the ranking has assumed importance over the years in shaping government policies and determining expenditure priorities. Prime Minister Narendra Modi has been emphasizing the ease of living along with the ease of doing business as a key policy priority.