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Narendra Modi becomes Prime Minister for the third time. Will the startup industry get a booster dose in the upcoming budget?

Sagar Patel

By Sagar Patel

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Will the emerging industry get help from the government?

On June 9, Narendra Modi took oath as the country’s Prime Minister for the third consecutive time. With the formation of Modi 3.0, the startup industry is hoping for a booster dose. Prime Minister Modi’s dream of Startup India now wants to reach new heights of progress. A senior official has said that the Ministry of Commerce and Industry may demand more funds for startups in the upcoming budget announced by the new government to promote innovation in the country.

Budget will be presented in July

The new government could present the budget for 2024-25 in July. The initial fund scheme announced in April 2021 with an amount of Rs 945 crore will expire in 2025. The ministry could consider proposing a new similar scheme. This sector is generating a record number of jobs in the country. A World Economic Forum report released in January 2024 said that Indian tech startups were able to directly employ over 10.34 lakh people in 2023. It was also said that this number is expected to increase in the coming years. This means that the startup industry will grow faster in the coming times.

Objective of the seed fund plan?

The objective of the Seed Fund Scheme was to provide financial assistance to startups for proof of concept, prototype development, product testing, market entry and launch. The fund was spread over four years to provide seed funding to eligible startups through incubators across India.

Another official said easy availability of capital is essential for entrepreneurs in the initial growth phase of a startup. There are more than 1.17 lakh government-registered startups in the country. They are eligible for income tax and other benefits. These renowned startups have created more than 12.42 lakh direct jobs.

The ministry is also expected to propose a specific policy for deep tech startups. Deep technology means innovation based on advanced scientific and technological advances. By their very nature, they have the potential to solve India’s most important social problems.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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