look news india
New Delhi: India has emerged as the third largest startup ecosystem in the world with over 1.25 lakh startups and 110 unicorns and is laying the roadmap to become a developed nation with the right decisions.
Addressing the 'Startup Mahakumbh' event, the Prime Minister said that India's startup ecosystem is no longer limited to metro cities, it has now become a social culture. Startups will play a big role in India's progress.
The Startup India initiative provides a platform for innovative ideas and connects entrepreneurs and enterprises with funding. The youth of India have now chosen the path of becoming job creators instead of job seekers.
More than 45 percent of Indian startups are led by women. India has democratized technology. In the interim budget, Rs. 100 crore was announced for research and innovation. Rs 1 lakh crore fund to help emerging sectors Meanwhile, the government has set aside Rs. Rs 2,000 crore has been allocated and the scheme will be launched in the next financial year.
Sources at the startup hub set up under the Ministry of Electronics and Information Technology said the government will provide huge funding for the priority sector through schemes like design-linked incentive.
Under the Union Cabinet's approval of 'India AI Mission', Rs 10,000 crore is being allocated to support the AI ecosystem in the country. Out of this, Rs.100 crore will be allocated to support and finance AI related startups. More than Rs 2,000 crore has been allocated.
The Cabinet has recently approved the allocation of Rs. India has approved AI mission with an outlay of Rs 10,372 crore. Startup Hub currently supports and funds 143 incubators and centers of excellence across India. Along with this, financing is being provided to all the startups from concept level to development level through Fund of Funds.