Tag: PM Narendra Modi

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Startup

Start-Up India Seed Fund: PM Narendra Modi Announces Rs 1,000 Crore Seed Fund to Help Start-Ups With Initial Capital for Growth and Operations

Seed Capital | Representational Image (Photo Credits: Pixabay)
Seed Capital | Representational Image (Photo Credits: Pixabay)

To provide impetus to the start-up ecosystem in the country, the government has announced seed fund for start-ups worth Rs 1,000 Crore. The fund will be set-up under the name  ‘Startup India Seed Fund.’ Seed capital is the investment required by any firm in the beginning of of its business cycle. PM Narendra Modi while addressing the Prarambh Startup India Summit via video conference announced the launch of the fund. It has been initiated to help startups with the initial capital for growth and operations, and help budding entrepreneurs peruse innovative ideas. Prarambha: Everything you must know about the Startup India International Summit!

“Going ahead, the government will provide guarantees to help startups raise debt-capital. We are trying to build a startup ecosystem which functions on the ‘of the youth, by the youth, for the youth’ mantra,” the Prime Minister Narendra Modi said while speaking at the Prarambh Startup India International Summit in an online address. PM Modi also said the target for India’s startups over the next five years should be to become global giants in their respective service areas.Kerala Government’s NORKA-Pravasi Start-Up Scheme Helped 4,179 Expatriates to Establish Business in the State.

The centre has been encouraging the start-ups to seek investment through borrowed funds or debt capital. The government has also been implementing the Fund of Fund Scheme to help startups raise equity capital, added Prime Minister.  11 Indian start-ups have entered the unicorn club- businesses with a valuation of Rs 1 Billion or more- in 2020 itself.  PM Modi also said that the start-up environment is not limited just to big cities, adding that about 40 per cent of entrepreneurs come from tier-II and tier-III cities. There are more than 41,000 start-ups in the country.

The Startup India Seed Fund comes after the Ministry of Electronics and Information Technology had earlier in 2020 had initiated a similar fund to identify startups and give them financial help. In August, the ministry had launched a fund to identify 300 startups which would be provided seed fund of up to Rs 25 Lakh and other facilities as well. A budget of Rs 95.03 crore has been earmarked for the programme named ‘Chunauti’, to be spent over a period of three years.

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Startup

Tour Operators Write to PM Narendra Modi Seeking Release of SIES Benefits For 2019-20, to Help Them Survive & Revive Amid COVID-19 Pandemic

Travel
Tour Operators (Photo Credits: Pixabay) (Representational Image)

New Delhi, October 28: The coronavirus pandemic affected the tour operators as businesses remained shut for several months. On Tuesday, the tour operators approached PM Narendra Modi asking for immediate relief.

According to an IANS report, their demand is asking for the release of Service Exports from India Scheme (SEIS) benefits for 2019-20, which could help them survive and revive their businesses in this difficult period of Covid-induced disruptions.

The Indian Association of Tour Operators (IATO), a body representing more than 17,00 tour operators in a letter to the PM mentioned that the industry is not seeking any extraordinary help from the government but only SEIS funds which has not been released in this difficult period.

What are SEIS benefits?

SEIS benefits are given to the tourism industry based on its foreign exchange earnings under foreign trade policy (FTP) 1995-2000. The benefit is then used by the industry for promotions, marketing and packages to attract more foreign tourists to the country. These benefits are given annually, however, it has not been announced for 2019-20. Which means that the funds have been spent by tour operators anticipating a payment, the same had not been done so far.

Another request at increasing the SEIS scrips percentage from 7 per cent to 10 per cent for tour operators and travel agents has also been made.

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Finance

Narendra Modi Govt Clears Payments of Over Rs 6,800 Crore Owed to MSMEs Over Past 3 Months

रुपया
Money

In a bid to help the MSMEs, the Modi Government has been taking a series of measures. The government on Wednesday informed that the Central ministries and PSUs have cleared payments of over Rs 6,800 crore owed to micro, small and medium enterprises (MSEMs) in the last three months. It said almost three-fourths of the monthly dues have been paid during the same month by most of the ministries and CPSEs. The pending amounts are expected to be released in the normal course of business and within 45 days.

The MSME ministry, in a statement, said that “more than Rs 6,800 crore have been paid by the Ministries and CPSEs in the last three months alone”. Finance Minister Nirmala Sitharaman, as part of AtmaNirbhar Bharat package, had announced that Government entities should make such payments within 45 days. The Ministry of MSME followed up this announcement vigorously and took up the matter with the Central Ministries and Central Public Sector Enterprises (CPSEs) and State Governments. Particularly very active follow up has been done with the Heads of CPSEs.

The MSME Development Act of 2006 provides that such dues should be paid within 45 days. To make the reporting easy, regular and seamless, a dedicated online format has been made for reporting the monthly payments and pendency, the ministry said.

“However, it is seen that MSME suppliers of goods and services do not receive their due payments within stipulated time. Public and private entities do cross this time limit and hence they cause hardship to the MSMEs,” the statement said. According to a government release, the ministry also said close to 4 lakh registrations have already taken place on the Udyam registration portal for MSMEs since the new system was launched in July.

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Business motivation Startup

PM Narendra Modi Urges Indian Startups to Focus on Innovation in Toy Sector, Suggests Them to Find Ways to Boost Manufacturing And Global Footprints of Indian Toys

Toys
Toys (Representational Image) (Photo Credits: Piqsels)

New Delhi, August 24: Prime Minister Narendra Modi urged Indian startups to produce indigenous toys that not only have cultural connect but also helps in building life-skills and psychomotor skills among children at an early age. In PM Modi’s latest Aatma Nirbhar push, he urged the startups to not only innovate in this sector but also find ways to boost manufacturing and global imprint of Indian toys.

In a Twitter thread, PM Modi said, “I urge start-ups and youngsters to focus on innovations in the toys sector.” He further suggested educational institutions to organise hackathons for students to “innovate in toy technology and design, including online games, to reflect Indian ethos and values.”

PM Modi highlighted that the Indian toy market has huge potential and can bring a transformative change in the industry by promoting ‘Vocal for Local’ under the Aatma Nirbhar Bharat campaign.

He further suggested using tourism as a tool to promote India’s culture especially in regions that are known for handcrafted toys. PM Modi further stressed on the fast-growing digital gaming arena, Prime Minister said India should tap the huge potential in this area and lead the international digital gaming sector by developing games that are inspired by Indian culture and folk tales.