Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary

Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary

SUMMARY

Digital India GENESIS is a deeptech startup platform launched by the MeitY to scale up 10,000 tech startups over the next five years

MeitY has already partnered with 22 accelerators under the Centre’s SAMRIDH scheme

3,161 startups and 473 incubators are currently registered with the MeitY Startup Hub

The government is looking to promote more than 10,000 startups in the coming five to six years under its GENESIS (Gen-Next Support for Innovative Startups) initiative, Ministry of Electronics and Information Technology (MeitY) Secretary Alkesh Kumar Sharma said on Tuesday (August 30). 

“We are now moving to the next level where GENESIS is coming…We are going to promote 10,000 startups in the next 5-6 years,” news agency PTI quoted Sharma as saying. 

Sharma reportedly made the comments while addressing an interactive session, organised by MeitY Startup Hub (MSH), which was attended by other senior bureaucrats in the ministry.

The event was also attended by representatives of startups such as KidEx, Teralumens, iMumz, Recur Club, AyuRhytm, among others. 

Responding to a question about the purported funding winter engulfing the Indian startup ecosystem, Sharma said that funding is not an issue and that he has not seen any startup running for funds.

“Instead they (startups) are looking for growth opportunities through various means,” he said.. 

Other government officials touted the government’s various startup-friendly schemes and platforms, including Digital India GENESIS and SAMRIDH. 

Digital India GENESIS is a deeptech startup platform launched by the MeitY to scale up 10,000 tech startups over the next five years, largely from Tier-II, III cities. The selected startups will be provided with the ‘right tools’ to enable them to get off the ground and scale operations. 

The platform was launched in July this year with an outlay of more than INR 750 Cr.

On the other hand, SAMRIDH (Startup Accelerators of MeitY for Product Innovation, Development and Growth) was launched in August last year. It is a flagship programme of the central government that aims to provide support and funding to early-stage startups. 

Speaking at the event, Bhuvnesh Kumar, additional secretary in the ministry, said MeitY has already partnered with 22 accelerators under the SAMRIDH scheme. 

Under the scheme, the centre will match the contribution of venture capital (VC) funds in the selected startups. The total scheme outlay of SAMRIDH is around INR 100 Cr.

Both initiatives operate under MSH, which has 3,161 startups and 473 incubators under its wing. 

Indian startups raised $19.7 Bn in funding in the first seven months of 2022, down 8% compared to $21.26 Bn raised in the same period of previous year. 

According to the Department for Promotion of Industry and Internal Trade (DPIIT), there are more than 73,000 startups in the country, of which 106 are unicorns.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary-Inc42 Media
Govt Will Promote 10,000 Startups In The Next 5-6 Years: MeitY Secretary-Inc42 Media
You’re in Good company