New Delhi [India], August 25 (ANI): With an aim to boost the start-up ecosystem in the country, the Ministry of Electronics and Information and Technology (MeitY) on Wednesday launched Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH).
Speaking at the launch of SAMRIDH scheme, Electronics and Information Technology Minister Ashwini Vaishnaw said that the initiative will not only provide funding support to the startups but will also help in bringing skill sets together which will help them to become successful.
Reiterating the vision of Prime Minister Narendra Modi, Vaishnaw stated that technology and the energy of youngsters is a great potential source of energy for inclusive development.
The Minister further said that our society as we stand today requires lots of initiatives, new products and new services which will create a better life for the marginalized sections of the society and for those who are at bottom of the pyramid and are living in remote parts of the country, where mainstream development has eluded them.
"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 startups 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," he said.
As per an official release, the SAMRIDH programme will focus on accelerating the 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
"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 billio USD," the release added. (ANI)