The Indian government has launched a new scheme to support 300 start-ups for creating 100 unicorns out of the selected start-ups every year.
Narendra Modi said to increase the productivity in manufacturing of electronics and home applications to make India a hub for the global market. Every Indian should raise their voice for #VocalforLocal as #MakeInIndia schemes in India to make less dependent on India.
On Wednesday, The government launched a program to support 300 start-ups under which it will provide direct funding in mentorship and market access with to creating 100 unicorns of the selected start-ups.
IT Minister Ashwini Vaishnav said he has mentored over 20 start-ups earlier and understands the need of mentoring them in the most important part when their idea is getting slower in converting into products.
He said the lack of funds is neither a big problem for the government. He said the problem of getting the idea into a real product or lack of collecting the skills sets which are needed to convert an idea into an enterprise is the biggest challenge for most newly-launched start-ups.
The Meity will provide seeds funds of up to Rs 40 lakh for the first selected start-ups and mentorships for six months this year.