New Delhi: Prime Minister Narendra Modi on Saturday exhorted India's youth to dream big, assuring them of resources and support, as he highlighted the growth of India's startup ecosystem and the government's Rs 1 lakh crore Innovation Fund to support ideas and capabilities.
Addressing the nation on the 80th Independence Day, Modi placed young Indians at the centre of the country's journey towards becoming a developed nation, saying they would not only play a major role in achieving the goal but would also be its biggest beneficiaries.
Modi said more than 2.5 lakh registered startups have been created under the Startup India campaign, with young entrepreneurs not only creating work for themselves but also providing employment to others.
"Today, through the Startup India campaign, more than 2.5 lakh registered startups have been created across the country. The youth of the country are not only working themselves, but are also providing employment to many others," the PM said.
Pointing to the government's Rs 1 lakh crore Innovation Fund, Modi urged young Indians to come forward with their ideas.
"A Rs 1 lakh crore Innovation Fund has been announced by the Government of India. I want to tell the youth of the country: bring your dreams, we will ensure there is no shortage of resources," he said, adding that the fund is aimed at empowering minds and capabilities.
Modi also highlighted key enablers that he said had expanded opportunities for the youth, including Digital India, affordable data, and Skill India.
"If there is affordable data anywhere in the world, it is on the soil of India. And this has given new strength to the youth of the country," Modi said.
India's startup mettle reflects in the sheer scale and growing depth of its entrepreneurial ecosystem. India is the third-largest startup hub in the world after the US and China, and the government has been actively supporting creation of conducive ecosystem for innovators, entrepreneurs and startups through various schemes and initiatives across the country.
Under the Startup India initiative, the government has rolled out flagship schemes, including Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), to provide funding opportunities for startups across sectors at various stages of their business cycle.
FFS has been established to catalyse venture capital investments and is operationalised by Small Industries Development Bank of India (SIDBI), which provides capital to Securities and Exchange Board of India (SEBI)-registered Alternative Investment Funds (AIFs), which in turn invest in startups through equity and equity-linked instruments.
SISFS provides financial assistance to seed stage startups through incubators in the form of grants, convertible debentures or debt or debt-linked instruments.
CGSS is implemented for enabling debt funding to startups through eligible financial institutions by guaranteeing up to a specified limit against credit instruments.
The government has also established the Research, Development and Innovation (RDI) fund with a corpus of Rs 1 lakh crore over six years to catalyse private-sector investment in sunrise and strategic sectors.
Several technology sectors of strategic importance have been identified under the RDI scheme, such as energy security, climate action, deep-tech, quantum technologies, artificial intelligence, biotechnology, digital agriculture, digital economy, among others.
This report was published from a wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.
