Modi govt starts 'Fund of Funds' to meet young innovators need

Prime Minister Narendra Modi took pleasure to interact with thousands of youngsters who have played key role in the start-up sectors and said that it is the youth who have become the "job creators" of the nation. Representing India as a "youthful nation", Modi said the government is committed to "harnessing of the demographic dividend". Prime Minister said that India has made a remarkable position for itself in the global startup eco-system. Commenting on the issue of fund availability for startups, Modi said the government has created Rs 10,000 crore Fund of Funds. "We in the government understand that youngsters may face shortage of funds for their startups. That is why a 'fund of funds' has been started by the government to facilitate more youngsters to innovate and ideate," Modi added. Video conferencing on the NaMo app, the Prime Minister underlined that adequate financial support, courage and connecting with people are required for excelling in the start-up sector. "There was a time when startups meant only digital and tech innovation. Things are changing now. We are seeing start-up entrepreneurs in different fields," he said. Modi mentioned that there was a time when startups meant only digital and technology innovation but now things are changing and we are seeing startups in various other fields, including agriculture. "We have started an Agriculture Grand Challenge. We invite more youngsters to ideate on how to transform our agriculture sector," he added. The government has launched the Startup India Action Plan to promote budding entrepreneurs in the country. The plan aims at giving incentives such as tax holiday, inspector raj-free regime and capital gains tax exemption, Modi said. "Our startups are growth engines. Today's big companies were startups at some point. I urge the people of India to keep innovating," he added.