India has third largest Startup ecosystem in the world: PM Modi

Prime Minister Narendra Modi has launched Madhya Pradesh Startup Policy during the Madhya Pradesh Startup Conclave held in Indore. Mr Modi also launched the Madhya Pradesh Startup portal and interacted with the startup entrepreneurs via video conferencing yesterday.

Addressing the gathering, Prime Minister said that India’s startup revolution will become an important hallmark of Azadi ka Amrit Kaal. Today, the country has a pro-active startup policy and adequate startup leadership, he said.

Mr Modi said that Startups in India are turning out to be a powerful vehicle to fulfill the dreams of the common Indian youth. In the year 2014, there were only 300 to 400 startups in India, whereas today this number has reached to 70 thousand. India has the third-largest startup ecosystem in the world.

Prime Minister said that the reason for the success of our startups is to create a new ecosystem in the country by creating infrastructure, simplification of government processes and changing the mindset of the people.

Hackathons have become a strong foundation for startups. Our schools are functioning as a nursery of startups. Atal tinkering labs in schools and more than 700 incubation centers have also been played vital roles to set up startups in the country, he further added.

MP Chief Minister Shivraj Singh Chouhan said that along with



Indore and Bhopal, other cities would also be made startup hubs in the state. He informed that funding of 700 crore rupees has come in Indore in the startup sector, which is already a leader in cleanliness.

Mr Chouhan said that the decision of concession in stamp duty is also being taken in the policy. Other suggestions received from youth will also be implemented. In the new startup policy of MP, special attention has been paid to the development of the start-up ecosystem.

To meet this objective, a number of provisions have been included such as assistance in investment, program planning, lease rental, extension and patents to start-ups and incubators.

The new policy will provide additional 20 percent support to women-led start-ups and to create enthusiasm for innovation and start-ups among school and college-level students via special programs.

Along with various types of discounts to start-ups, a special incentive assistance of Rs 1 crore will also be given to selected start-ups and innovators.

In order to give effect to the start-up policy, Madhya Pradesh Venture Finance Limited and Madhya Pradesh Venture Finance Trustee Limited have been merged with Madhya Pradesh Laghu Udyog Nigam to form an exclusive venture capital for funding support to start-ups in future.