Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary
- ByStartupStory | September 1, 2022
The government is looking forward to promote over 10,000 startups in the coming five to six years under its GENESIS (Gen-Next Support for Innovative Startups) initiative, Ministry of Electronics and Information Technology (MeitY) Secretary said Alkesh Kumar Sharma.
News agency PTI quoted Sharma as saying, “We are now moving to the next level where GENESIS is coming…We are going to promote 10,000 startups in the next 5-6 years.”
Sharma allegedly made the remarks during an interactive session hosted by MeitY Startup Hub (MSH), which other senior ministry bureaucrats attended.
Representatives from startups including KidEx, Teralumens, iMumz, Recur Club, and AyuRhytm were also present at the event.
Sharma responded that funding is not a problem and that he has not observed any startups seeking funding in response to a query about the alleged funding winter that is enveloping the Indian startup ecosystem.
He further added that “Instead startups are looking for growth opportunities through various means.”
Other government representatives praised the government’s numerous startup-friendly programmes and platforms, such as SAMRIDH and Digital India GENESIS.
With a financial investment of more than INR 750 Cr, the platform was introduced in July of this year.
SAMRIDH (Startup Accelerators of MeitY for Product Innovation, Development and Growth), on the other hand, was introduced in August of last year. It is a centrepiece initiative of the federal government with the goal of assisting and subsidising early-stage companies.
Bhuvnesh Kumar, additional secretary in the ministry, spoke in an event saying “MeitY has already partnered with 22 accelerators under the SAMRIDH scheme”.
In accordance with the plan, the centre will match VC investors’ investments in the chosen startups. The SAMRIDH project’s overall budget is close to INR 100 Cr.
Both programmes are run by MSH, which is home to 473 incubators and 3,161 businesses.
About Digital India GENESIS
Digital India GENESIS is a deeptech startup platform launched by the MeitY to scale up 10,000 tech startups over the coming five years, mainly from Tier-II, III cities. To help the chosen companies launch and grow their businesses, the necessary tools (“right tools”) will be made available to them.
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