Earlier today, Prime Minister Narendra Modi interacted with thousands of young entrepreneurs who have made it big in the start-up sector. The interaction took place through NaMO app whereby Modi lauded the young innovators of India and said that the youth population of the country has turned into job creators.
Our start-ups are growth engines. Today’s big companies were start-ups at some point. I urge the people of India to keep innovating: PM @narendramodi
— PMO India (@PMOIndia) June 6, 2018
He described India as a “youthful nation” and said that the government is committed to ‘harness the demographic dividend.” He also pointed out that our nation has distinguished itself from the global startup ecosystem.
Talking about the availability of funds for the startup he said that the government has created a fund of funds worth INR 10,000 Crores. In a statement, he said, “We understand that the youngsters may face a shortage of funds for their startups.” He added that a “fund of funds” has been created to enable the youngsters to ideate and innovate.
In the video conference, PM Modi emphasized that the adequate capital, courage, and connecting people are required if one wishes to excel in the start-up sector. He also underlined that startups are no longer confined to big cities; rather the small towns and villages are emerging as vibrant startup centers.
Discussing the changing trend of startups, he said that now various fields like agriculture are also witnessing startups. He mentioned about the Agriculture Grand Challenge and invited youngsters to ideate as to how the agriculture sector can be transformed.
Apart from the above-mentioned details, the government has also launched the Startup India Action Plan to promote building entrepreneurs in the country, to provide incentives like tax holiday, inspector raj-free regime, and capital gains tax exemption. Also, public procurement norms have been eased so as to facilitate the startups in selling their products to the government.