Prarambh 2021 – Bada Business

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.

Prime Minister Narendra Modi has called upon youngsters of India to attend ‘Prarambh’, the Startup India international summit on January 15 and 16. The Prime Minister asserted that the summit seeks to bring together top minds from industry, academia, investment, banking and finance besides young start up leaders. Taking to Twitter, the Prime Minister shared his LinkedIn post in which he noted that virtual interactions have become the new normal during the COVID-19 pandemic and said a big advantage of this is that people can be a part of programmes sitting at home. “With most events being held virtually, it has given a great opportunity for youngsters to be a part of many interesting domestic & global forums. One such opportunity is coming up in the form of Prarambh on 15-16 Jan. I urge our youth to be a part of it,” Modi tweeted on Monday.

Referring to the ‘Prarambh’ summit, the prime minister said India would also be marking five years since the Startup India initiative began. He said that this initiative has propelled India to being among the most attractive start-up eco-systems globally. Lauding the capabilities of the youths in India, the Prime Minister said that no words can do justice to the spirit of India’s youth. “Their penchant for innovation has led to outstanding results. Our start-up heroes are not merely coming from big cities but also from smaller towns. This is a good sign,” he added

Talking about the work from home opportunities, the Prime Minister noted and said work from home is in, so is greater adapting to technology. “For me, it meant more programmes online, which were extremely productive and insightful. There were interactions with scientists, medical professionals, COVID warriors, academics, industry leaders, young innovators, spiritual leaders and more,” Modi said.

The Prime Minister added that there were virtual summits, both bilaterals and multilaterals with world leaders, he noted, adding that “path-breaking” development schemes were launched through public events organised digitally.

About Prarambh:

‘Prarambh’ – Startup India International Summit – on 15 and 16 January 2021 in a virtual format. It will be organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. ‘Prarambh’ means ‘an auspicious beginning’. As a verb, it implies ‘to start’.

The idea is to attain attention of global capital for startups in India, mobilize domestic capital, provide opportunities for accessing international markets to our startups and evolve enabling policy provisions. The first day of the Summit has been devoted to host dignitaries and stakeholders from BIMSTEC member States. The day will witness participation of renowned stakeholders from startup communities of BIMSTEC member states engaging in multilateral discussions and showcasing best of their innovations.

Here’s How You Can Register for the Prarambh Summit:

Youngsters can registered themselves on the official site i.e. https://www.theprarambh.in
Click on ‘Register Now’ at the top of the page and fill in all the details that have been asked.
Enter details like your name, address, email-id, sector, select country and state, city and category and then click on ‘Submit’.
Youngsters can check the official website as it has all the details of the 2-day Start-up India International Summit.

The main objectives of the Prarambh Summit are given below:

Encouraging and inspiring the youth for innovation and entrepreneurship
Exchange knowledge on best practices on nurturing startup ecosystems
Develop capacities of entrepreneurial ecosystem
Mobilize global and domestic capital for investments into startups
Provide opportunities to startups for entering domestic (private and public) and international markets
Showcasing high-quality, high technology and frugal innovations from India
Enable ease of doing business for startups and investors.

The who’s who of the Indian as well as global Startup ecosystem are making a beeline for this event. Please mark this date for a marathon of in-depth knowledge sessions and exchange of global ideas! Prarambh is expected to bring together top policy makers, industry, academia, investors, startups and all stakeholders from across the globe. In addition to deliberating on good practices from best of the ecosystems across the world, the sessions of the Summit are designed to showcase the spread and depth of entrepreneurship based on innovation in India.