Prime Minister Narendra Modi on Saturday addressing the ‘Prarambh – Startup India International Summit’ announced the launch of Rs 1,000-crore ‘Startup India Seed Fund’ to support startups and help budding entrepreneurs pursue innovative ideas.
Prarambh also marked the fifth anniversary of the Startup India initiative launched by Modi on this day in 2016 which simply revolutionized the entire ecosystem in India and encouraged new-age entrepreneurs.
Prime Minister said, “India is the third-largest startup ecosystem in the world which has helped several aspiring entrepreneurs to come up with innovative technologies and become big corporations,”.
He also said that startups in India are not limited to big metro cities and about 40 percent of such innovative entrepreneurs are coming from Tier-II and -III cities.
Modi also said in 2014 there were only four unicorns in India, but today there are more than 30 and 11 startups entered the unicorn club in 2020 itself. Currently, 41,000 startups are operating in India. The commerce and industry minister invited startups in India and BIMSTEC to come together and empower the startup ecosystem and only startups can take the world out from the dark period of the pandemic.