PM Narendra Modi Announces 'Fund of Funds' in Interaction With Young Innovators Via NaMo App

PM Narendra Modi.

PM Narendra Modi.

Describing India as a "youthful nation", Prime Minister Narendra Modi said the government is committed to "harnessing of the demographic dividend".

New Delhi: Prime Minister Narendra Modi on Wednesday interacted with thousands of youngsters who have made it big in the start-up sector and said it is the youth who have turned out to be the "job creators" of the nation.

Describing India as a "youthful nation", Modi said the government is committed to "harnessing of the demographic dividend".

He said India has distinguished itself in the global startup eco-system. Commenting on the issue of fund availability for startups, Modi said the government has created a Rs 10,000 crore Fund of Funds. "We in the government understand that youngsters may face shortage of funds for their startups. That is why a 'fund of funds' has been started by the government to facilitate more youngsters to innovate and ideate," Modi added.

Video conferencing on the NaMo app, the Prime Minister underlined that adequate capital, courage and connecting with people are required for excelling in the start-up sector.

"There was a time when startups meant only digital and tech innovation. Things are changing now. We are seeing start-up entrepreneurs in different fields," he said.

Modi said startups were no longer confined to big cities only." Smaller towns and villages are emerging as vibrant startup centres," he added.

Modi added that there was a time when startups meant only digital and technology innovation but now things are changing and we are seeing startups in various other fields, including agriculture. "We have started an Agriculture Grand Challenge. We invite more youngsters to ideate on how to transform our agriculture sector," he added.

The government has launched the Startup India Action Plan to promote budding entrepreneurs in the country. The plan is aimed at giving incentives such as tax holiday, inspector raj-free regime and capital gains tax exemption, Modi said.

"Our startups are growth engines. Today's big companies were startups at some point. I urge the people of India to keep innovating," he added.

(With agency inputs)

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