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This Ministry To Promote 10,000 Startups In Next 5-6 Years: Government

IT ministry to advertise 10,000 startups in subsequent 5-6 years: Secretary A Okay Sharma

New Delhi:

The federal government is seeking to promote greater than 10,000 startups within the subsequent 5-6 years underneath the GENESIS programme, Ministry of Electronics and IT (Meity) Secretary Alkesh Kumar Sharma mentioned on Tuesday.

Mr Sharma additionally mentioned he has not seen any startup working for funds and as a substitute they’re in search of development alternatives via varied means.

“Funding will not be a difficulty. We are actually transferring to degree subsequent the place Genesis is coming. We’re going to launch. We’re going to promote 10,000 startups within the subsequent 5-6 years,” Mr Sharma mentioned.

He was responding to query about attainable funding winter that would result in scarcity of funds for startups.

In July, the federal government launched the Digital India GENESIS (Gen-Subsequent Help for Progressive Startups). The programme has an outlay of Rs 750 crore.

Mr Sharma participated in a briefing session with varied startup representatives to know their points.

Representatives of KidEx, Teralumens, iMumz, Recur Membership, AyuRhytm, KrishifyFarmstock, BlueSemi R&D Pvt Ltd, Gurutvaa Methods and Subsequent Expertise 360, participated within the assembly.

At current, India has greater than 73,000 startups and out of them, greater than 100 are unicorns or these with $1 billion valuation.

“We’re serving to startups in product improvement from the place they’ll choose up enterprise,” Mr Sharma mentioned.

Meity is already working a programme Startup Accelerator of MeitY for Product Innovation, Improvement & Development (SAMRIDH) underneath which it plans to pick 300 startups and supply every of them funding help of as much as Rs 40 lakh.

Meity Further Secretary Bhuvnesh Kumar mentioned the ministry has partnered with 22 accelerators for Samridh. Your complete scheme outlay is Rs 100 crore and the federal government is partnering accelerators who will connect with them to enterprise capitalists.

“The federal government will match the fund which startups get from enterprise capitalists,” Mr Kumar mentioned.

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