Urging India’s start-ups to focus more on manufacturing, Prime Minister Narendra Modi called for a goal for the next decade to lead the world in new trends and technologies. Addressing a programme in New Delhi marking a decade of Startup India, the Prime Minister pointed out that while startups could not even imagine competing with established players earlier in defense manufacturing, iDEX has opened new procurement pathways in strategic sectors. He remarked that the space sector, once closed to private participation, has now been opened, with nearly 200 start-ups working in this field and gaining global recognition.He further stated that in public procurement, the Government e-Marketplace (GeM) has expanded market access, with nearly 35,000 startups and small businesses onboarded, receiving around 5 lakh orders worth approximately ₹50,000 crores. Start-ups are also being given relaxation in norms and lower on-boarding rates on GeM, while line ministries are providing support to sectoral start-ups.
Through the Fund of Funds for Startups, investments of more than ₹25,000 crore have been made, apart from seed funding via schemes like the Startup India Seed Fund, IN-SPACe Seed Fund, and NIDHI Seed Support Programme. To improve credit access, a Credit Guarantee Scheme has been launched and a scheme of Rs. 1 lakh crores for Research, Development and Innovation has been initiated along with a deep-tech fund of funds to support long-term investment in sunrise sectors.
Speaking on the advancement of start-ups, Commerce and Industry Minister Piyush Goyal said that the government’s focus will continue on start-ups in the deep-tech, innovation, space, aerospace, and the defence sector, while no immediate outcome is expected in the deep-tech policy currently under consideration. While a separate pathway will be developed for start-ups under Export Promotion Mission, the government expects over 1 crore jobs to be created via 10 lakh start-ups which are projected to be established in the coming years. Stating that many start-ups have shifted their base back to India and a call is awaited from the Finance Ministry on promoting reverse flipping, the Minister said that continuous dialogue is underway with the Finance Ministry for similar policy measures. He added that nearly 100 countries want a startup bridge with India.
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