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PM Modi announces ₹1,000 crore fund for new startups

On Monday Prime Minister Narendra Modi announced a Startup India Seed Fund worth ₹1,000 crore for new startups in the country. As part of its startup policies, Modi said that the central government will help these startups in raising capital through guarantees going forward. Speaking at Startup India’s international summit, Prarambh 2021, hosted by the Department for Promotion of Industry and Internal Trade (DPIIT), the Prime Minister noted that eleven startups entered the unicorn club in 2020 despite the COVID-19 pandemic, and claimed that India one of the world’s biggest startup ecosystem with more than 41,000 startups. Of these, 5,700 are in the Information and Technology sector, 3,600 in the health sector, and about 1,700 are active in the agriculture sector. Around 8,000 startups have registered on the government Government's e-procurement portal, GeM, and have so far done business worth ₹2,300 crore through the platform, Modi claimed. He also claimed that 44% of all recognised startups in the country have women directors, and 45% of all startups are based in tier 2 and tier 3 cities. The Start-up India scheme was launched in January 2016, and in 2019, Commerce Minister Piyush Goyal informed Lok Sabha that start-ups recognised by the DPIIT would be eligible for following incentives: Self-Certification under 6 labour laws and 3 environmental laws Relaxations in public procurement norms Faster exit under the Bankruptcy Code Rebates on patent & trademark filing fees, support from facilitators and expedited examination of Patent application Income Tax exemption under Section 80 IAC…

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