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PM interacts with Startups and addresses

PM interacts with Startups and addresses ‘Prarambh: Startup India International Summit’

NEW DELHI. The Prime Minister, Shri Narendra Modi interacted with startups and addressed ‘Prarambh: Startup India International Summit’ today via video conferencing. Ministers from BIMSTEC countries and Union Ministers Shri Prakash Javadekar, Shri Piyush Goyal and Shri Som Parkash were present on the occasion.

Speaking on the occasion, the Prime Minister said that the start-ups are changing the demographic characteristics of today’s business. He pointed out that 44 per cent recognized startups have women directors and number of women working in these start up is very high. Similarly, 45 per cent startups are in tier 2 and tier 3 cities, working as the brand ambassadors of the local products. Every state is supporting and incubating startups as per local possibilities and 80 percent of districts of the country are now part of the Startup India mission. Youth from all types of background are able to realize their potential in this ecosystem. Result, the Prime Minister said, is before us as attitude has changed 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 startups were in the ‘unicorn club’ now, more than 30 startups have crossed the 1 billon mark, Shri Modi added.

Noting the fact that 11 startups entered the ‘unicorn club’ in 2020 during the Corona time, the Prime Minister underlined their contribution in the Aatmnirbharta during the crisis. Startups played a major role in ensuring availability of sanitizers, PPE kits and related supply chains. They played a sterling role in meeting local needs like grocery, medicine delivery at doorstep, transportation of frontline workers and online study material. The Prime Minister appreciated the startup spirit of finding opportunity in adversity.

The Prime Minister also announced launching of Startup India seed fund with one thousand crore rupees so that there is no shortage of seed money for startups. This will help in starting and growing new startups. Fund of funds scheme is already helping startups raising equity capital. The Government will also help the startups in raising capital through guarantees. India is working for a startup 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 startups, our unicorns should emerge as global giants and lead in the futuristic technologies. Shri Modi concluded.(UPDATED ON JANUARY 16TH, 2021)