PM Modi Highlights Youth Power in India’s Startup Ecosystem on Independence Day
- ByStartupStory | August 16, 2023
In his address on the 77th Independence Day, Prime Minister Narendra Modi highlighted the government’s policies that bolster the nation’s youth, contributing to India’s emergence as the world’s third-largest startup ecosystem.
“I believe in youth power, youth power is my strength… Our policies are giving more power to youth strength… The youth of the world are getting amazed by seeing the strength of Indian youth,” he said from the ramparts of the Red Fort.
Their strength has helped India become “the third largest startup ecosystem in the world,” Modi added.
The Indian startup ecosystem’s growth has led to its recognition as the world’s third-largest, a feat attributed to the strength of the nation’s youth. As of April 30 this year, the government had identified 98,119 entities as startups, entitling them to incentives, including tax benefits, under the Startup India scheme. The government has introduced various schemes, such as the Fund of Funds for Startups, the Startup India Seed Fund Scheme, and the Credit Guarantee Scheme, to support these startups throughout different phases of their business cycles.
With the objective of fostering innovation and startup growth, the government launched the Startup India initiative on January 16, 2016, aiming to establish a robust ecosystem for nurturing startups and innovative endeavors in the country.
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