Prime Minister Narendra Modi launched a Rs.1,000 crore seed fund for the start-up sector assuring there would be no shortage of funds for the sector and said the Centre will help them raise equity through guarantees.
“This will help in starting and growing new start-ups. Fund of funds scheme is already helping start-ups raise equity capital. India is working for a start-up ecosystem based on the mantra ‘Of the Youth, By the Youth, For the Youth’, We have to fix our goals for the next five years and these goals should be that our start-ups, our unicorns should emerge as global giants and lead in the futuristic technologies,” Modi told the virtual Start-Up India International Summit.
The PM also said future technologies and entrepreneurs should come together in Asia as it is also the century of Asia. He urged Asian countries to join hands, collaborate and take responsibility for leading this effort.
Modi said every state is supporting and incubating start-ups as per local possibilities and 80% of districts of the country are now part of the Start-Up India mission. Youth from all types of background are able to realise their potential in this ecosystem.
The PM said this helped change mindsets and attitudes. “From ‘Why don’t you do a job? Why a start-up?’ to ‘Job is alright, but why not create your own start-up!’. In 2014, only 4 Indian start-ups were in the ‘unicorn club’ now, more than 30 start-ups have crossed the $1 billion mark,” the PM said.