Govt promoting start-ups: Modi

Source: The Hitavada      Date: 07 Jun 2018 09:46:46


 

NEW DELHI,

Govt created fund of funds to ensure Rs 1 lakh cr funding to start-ups, said Modi adding that start-ups are no longer confined to big cities

PRIME Minister Narendra Modi on Wednesday said that the Government is taking several steps to promote young entrepreneurs in the country, adding that start-ups are no longer confined to big cities.


Smaller towns and villages too are emerging as vibrant start-up centres, the Prime Minister said while interacting with young entrepreneurs from across the country, including cities like Dehradun, Guwahati and Raipur.


The Prime Minister Narendra Modi said that the Rs 10,000 crore fund of funds created by the Government will ensure funding to the tune of Rs 1 lakh crore for start-ups, which are now mushrooming in smaller towns and also in unconventional segments like agriculture and social sectors.


He said that the Rs 10,000 crore fund has helped venture capital funds provide assistance of Rs 7,000 crore to start-ups. This fund, he said, in the long run will ensure funding of Rs 1 lakh crore to start-ups in the country.


To strengthen the ecosystem for budding entrepreneurs, the Government too has created an ecosystem, he said.
Starting from availability of funds, the Government has worked on areas like setting up of tinkering labs, incubation centres, removing regulatory hurdles, providing tax incentives and support in the field of legal issues and intellectual property rights.


These initiatives have helped entrepreneurs even in smaller cities, towns and villages and these areas are emerging as vibrant start-up centres, the Prime Minister said while interacting with young entrepreneurs from across the country, including cities like Dehradun, Guwahati and Raipur.


“Adequate capital, courage and connecting with people are required for excelling in the start-up sector,” he said.
Modi said that there was a time when start-ups meant only digital and technology innovation but now things are changing and we are seeing start-ups in various other fields, including agriculture. “We have started an Agriculture Grand Challenge. We invite more youngsters to ideate on how to transform our agriculture sector,” he said.
The Government has launched the Start-up India Action Plan to promote budding entrepreneurs in the country. The plan is aimed at giving incentives such as tax holiday, inspector raj-free regime and capital gains tax exemption.
“Today’s big companies were start-ups at some point. I urge the people of India to keep innovating,” he said.