Govt's fund of funds to ensure Rs. 1-lakh-crore to start-ups
PM Narendra Modi on Wednesday said the government's Rs. 10,000 crore fund of funds will ensure funding to the tune of Rs. 1 lakh crore for start-ups. He said the Rs. 10,000 crore fund has helped venture capital funds provide assistance of Rs. 7,000 crore to start-ups. This fund, in the long run, will ensure funding of Rs. 1 lakh crore to start-ups.
Govt has set up tinkering labs, incubation centers: PM
To strengthen the ecosystem for budding entrepreneurs, the government too has created an ecosystem, Modi said. Starting from availability of funds, the government has worked on setting up of tinkering labs, incubation centres, removing regulatory hurdles, providing tax incentives and support in the field of legal issues. These initiatives have helped entrepreneurs even in smaller towns and villages to emerge as vibrant start-up centres.
Start-ups coming up in all kinds of fields
Modi said earlier start-ups meant only technology innovation but there are start-ups in various other fields, including agriculture. "We have started an Agriculture Grand Challenge.and want more youngsters to ideate on the agriculture sector," he said. The government has launched the Startup India Action Plan aimed at giving incentives to budding entrepreneurs. He added that the government has eased public procurement norms for start-ups.
Small cities and villages can contribute to the country's growth
"Under the Startup India initiative, start-ups have been registered in about 419 districts in 28 states and 6 UTs so far, out of which 44% are in tier 2 and 3 cities. This shows that youth from small cities and villages can contribute to the country's growth," PM Modi said. He added that 45% start-ups are started by women.
Modi says patent registrations increased multiple times since 2013-14
Modi said the government is working in providing a market for start-ups and asked them to join the Government e-Marketplace (GeM). He also said that trademark and patent registrations have increased multiple times since 2013-14. About 68,000 trademark registrations happened in 2013-14 and now it has increased to over 2.5 lakh. Similarly, patent registrations, too, have jumped to over 11,500 from 4,000 in 2013-14.
Share your start-up story with the hashtag #InnovateIndia
Modi also called upon people to share stories about persons who are working on innovative ideas with the hashtag "#Innovate India". "Let's start a movement. You must also have an idea, share those with us," he said. In the future, start-ups will help drive innovation and contribute to the country's growth prospects. Modi said, "If we will not innovate, we will become stagnant."
