PM to youth: Bring your ideas, Rs 1 lakh cr innovation fund ready
Prime Minister Narendra Modi on Saturday urged India’s youth to pursue ambitious goals, assuring them of government support and resources. He highlighted the expansion of the country’s startup ecosystem and referenced the Rs 1 lakh crore Innovation Fund established to promote new ideas and talent.
In his address on the 80th Independence Day, Modi stated that young Indians are central to the country’s progress towards developed nation status. He emphasised their significant role in achieving this objective and noted that they stand to benefit most from these efforts.
Modi stated that more than 2.5 lakh registered startups have been launched under the Startup India campaign, with young entrepreneurs generating employment opportunities for themselves and others.
“Today, through the Startup India campaign, more than 2.5 lakh registered startups have been created across the country. The youth of the country are not only working for themselves, but are also providing employment to many others,” the PM said.
He highlighted the Government’s Rs 1 lakh crore Innovation Fund and encouraged young Indians to contribute their ideas.
“The Government of India has “The Government of India has announced a Rs 1 lakh crore Innovation Fund. I want to tell the youth of the country: bring your dreams; we will ensure there is no shortage of resources,” he said. He added that the fund is meant to empower talent and ideas. Enablers, he said, have expanded opportunities for the youth, including Digital India, affordable data, and Skill India.
“If there is affordable data anywhere in the world, it is on the soil of India. And this has given new strength to the youth of the country,” Modi said. India is currently the third-largest startup hub globally, following the United States and China. The government has supported the expansion of the entrepreneurial ecosystem through multiple schemes and initiatives aimed at innovators, entrepreneurs, and startups nationwide.
Under the Startup India initiative, the government has introduced schemes such as the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS). These programmes provide funding to startups across various sectors and stages of development.
The FFS was established to boost venture capital investment.
It is managed by the Small Industries Development Bank of India (SIDBI), which gives capital to SEBI-registered Alternative Investment Funds (AIFs).
These funds then invest in startups through equity and related instruments. provides financial assistance to seed-stage startups through incubators in the form of grants, convertible debentures, debt, or debt-linked instruments.
The CGSS facilitates access to loans for startups by offering guarantees on credit instruments issued by approved financial institutions, up to a specified limit.
The government has established the Research, Development and Innovation (RDI) fund with an allocation of Rs 1 lakh crore over six years to encourage private investment in emerging and critical sectors. Areas identified as strategically important under the RDI scheme include energy security, climate action, deep technology, quantum technologies, artificial intelligence, biotechnology, digital agriculture, and the digital economy.
