PM declares Rs 1,000-crore startup India seed fund: ‘Our startups should be global giants in their service areas’

The authorities will launch a Rs 1,000-crore seed fund for startups, known as Startup India Seed Fund, which can assist startups with the preliminary capital for progress and operations, Prime Minister Narendra Modi stated on Saturday.
“Going ahead, the government will provide guarantees to help startups raise debt-capital. We are trying to build a startup ecosystem which functions on the ‘of the youth, by the youth, for the youth’ mantra,” the Prime Minister stated, talking on the Prarambh Startup India International Summit in an internet handle.
During the handle, Modi stated the goal for India’s startups over the subsequent 5 years ought to be to turn into world giants of their respective service areas.
“Our startups should lead in futuristic technologies. If all BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) countries push for this, a large population would benefit from this,” the Prime Minister added.
During the occasion, Modi additionally interacted with the founders of startups from BIMSTEC nations, which embody Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
“In the 2018 Bimstec summit, I had said that all these countries will come together in the field of technology and innovation. All Bimstec are working to improve their connectivity and business,” Modi stated.
The new seed fund for startups comes after the Ministry of Electronics and Information Technology had earlier final yr initiated an identical fund to determine startups and provides them monetary assist. In August, the ministry had launched a fund to determine 300 startups which might be offered seed fund of as much as Rs 25 lakh and different services as properly. A funds of Rs 95.03 crore has been earmarked for the programme named ‘Chunauti’, to be spent over a interval of three years.
The IT Ministry’s programme seeks to award startups within the fields of edu-tech, agri-tech, provide chain, logistics, and transport administration, in addition to medical healthcare, diagnostics, preventive and psychological care amongst different areas.
Apart from these seed funds, the ministry has during the last yr additionally performed a number of different competitions to award startups working in a number of areas, comparable to video-conferencing, synthetic intelligence amongst others.

Last July, the ministry had launched a problem inviting Indian builders to give you apps in a spread of segments comparable to workplace productiveness, social networking, e-learning, information, video games, well being and wellness, agri-tech, fin-tech and leisure, and speech translation, amongst others.
A special problem launched in April final yr, which sought a world class video-conference resolution, which may very well be a substitute for world apps comparable to Zoom, noticed Kerala-based Techgentsia Software Technologies win a prize cash of Rs 1 crore.