IT ministry to advertise 10,000 startups in subsequent 5-6 years: Secretary A Ok Sharma

New Delhi:

The federal government is trying to promote greater than 10,000 startups within the subsequent 5-6 years beneath the GENESIS programme, Ministry of Electronics and IT (Meity) Secretary Alkesh Kumar Sharma stated on Tuesday.

Mr Sharma additionally stated he has not seen any startup operating for funds and as an alternative they’re searching for progress alternatives by means of numerous means.

“Funding will not be a difficulty. We are actually shifting to degree subsequent the place Genesis is coming. We’re going to launch. We’re going to promote 10,000 startups within the subsequent 5-6 years,” Mr Sharma stated.

He was responding to query about attainable funding winter that would result in scarcity of funds for startups.

In July, the federal government launched the Digital India GENESIS (Gen-Subsequent Assist for Modern Startups). The programme has an outlay of Rs 750 crore.

Mr Sharma participated in a briefing session with numerous startup representatives to grasp their points.

Representatives of KidEx, Teralumens, iMumz, Recur Membership, AyuRhytm, KrishifyFarmstock, BlueSemi R&D Pvt Ltd, Gurutvaa Methods and Subsequent Expertise 360, participated within the assembly.

At current, India has greater than 73,000 startups and out of them, greater than 100 are unicorns or these with $1 billion valuation.

“We’re serving to startups in product growth from the place they’ll decide up enterprise,” Mr Sharma stated.

Meity is already operating a programme Startup Accelerator of MeitY for Product Innovation, Improvement & Development (SAMRIDH) beneath which it plans to pick 300 startups and supply every of them funding assist of as much as Rs 40 lakh.

Meity Further Secretary Bhuvnesh Kumar stated the ministry has partnered with 22 accelerators for Samridh. The whole scheme outlay is Rs 100 crore and the federal government is partnering accelerators who will connect with them to enterprise capitalists.

“The federal government will match the fund which startups get from enterprise capitalists,” Mr Kumar stated.