Indian Govt announces Rs. 1000 crore as seed fund for Startup India
Prime Minister Narendra Modi on Saturday announced the launch of Rs 1,000-crore ‘Startup India Seed Fund’ to support startups and help budding entrepreneurs pursue innovative ideas.
Prime Minister Narendra Modi has always given the necessary impetus to start-ups ecosystem in India by ensuring ease of doing business through various administrative reforms such as formulating a sectoral policy, giving rebates for start-ups, easing the process of patent filings among others. This has helped in fully utilising the entrepreneurial talent of India.
India is home to the world’s third largest startup ecosystem which has helped several budding entrepreneurs to come up with innovative technologies and become big corporations.
He further said that startups in India are not limited to big cities and about 40 per cent of such budding entrepreneurs are coming from tier-II and -III cities. In 2014 there were only 4 start ups in the unicorn club, but today there are more than 30. Also, 11 startups entered the unicorn club in 2020 itself. India is the world’s third largest startup ecosystem after USA and China.
Even in 2017, India further added 1,000 start-ups according to a NASSCOM study. It further said that the country is witnessing a rapid rise in the business to business start-ups focused on verticals like health-tech, fintech, e-commerce and aggregators.
“From 2014-2025 the 10 year period that we will see, the Indian startup ecosystem is geared up for 10X growth trajectory over these ten years, which is pretty phenomenal. We are expecting by 2025 the total number of unicorns to go up anywhere between 95-105 in India,” NASSCOM president, President Debjani Ghosh said in an interview, a year ago. In fact, start-ups funding growth saw an eye-popping jump from $1.6 Bn in 2013 to a record $13 Bn in 2017.
India has also improved its ranking in the Global Innovation Index for the year 2019 by jumping four ranks taking India into the 50 top innovative countries of the world at 48th rank
If the current level of government impetus continues, Indian start-ups ecosystem that is the 3rd largest in the world will only improve further.
