In an attempt to boost the start-up ecosystem in the country, the Ministry of Electronics and Information and Technology (MeitY) launched the Start-up Accelerators MeitY for Product Innovation, Development and growth (SAMRIDH). Speaking at the launch of the SAMRIDH scheme on Wednesday, Electronics and Information Technology Minister Ashwini Vaishnaw said that the aim was to provide funding support to the start-ups and improve the level of skill sets required be successful.
Vaishnaw said that the vision of Prime Minister Narendra Modi was to utilise the energy of youngsters to create an inclusive atmosphere of development. He further said that in the current state, society requires a lot of initiatives like new products and services to help and create a better life for the marginalised sections. He added that such initiatives from the younger generations could help bridge the gap between the cities and those living in the remote areas of the country.
He also said, “The technology can play a role in accelerating and in taking the quantum jump in reaching out to people which would have taken many years. Using the energy of start-ups these areas can be reached within months. Employment in traditional as well as new-age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision.”
Government to provide start-ups with investments
The Ministry of Electronics & IT release said that 300 start-ups will be provided with mentorship, funding, and other necessary support. Investment of up to Rs 40 lakh will also be provided to the start-ups. The statement read, “Also, an investment of up to Rs 40 lakh to the start-up based on current valuation and growth stage of the Start-Up will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator/investor. The programme aims to further the Indian start-up growth which has seen the emergence of 63 Unicorns is now the third-largest Unicorn hub globally with a total valuation of 168 billion USD.” The minister said that funds will never be a constraint but he asked for ideas that could be converted into an enterprise.
