PM Modi announces Rs 1,000 cr startup fund to push growth of tech ventures

For the next five years India, which is in a technology race with China, has a mission for its startups and unicorns to emerge as global giants and lead in futuristic technologies

Prime Minister Narendra Modi on Saturday launched a Rs 1,000 crore startup seed fund at ‘Prarambh: Startup India International Summit.’ This fund would help to launch and grow new-age ventures.

PM Modi said this fund is one of the initiatives that the country has started so that startups don’t face any capital crunch. Startups are already being helped to raise equity capital through the Fund of Funds scheme. Further, the government will also help startups raise debt capital through guarantees.

“India is trying to create a startup ecosystem which is based on the mantra 'of the youth, by the youth,