Get All Access for $5/mo

Government To Promote 10,000 Startups Under GENESIS Programme At present, India has more than 73,000 startups and out of them, more than 100 are unicorns or those with $1billion valuation

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Alkesh Kumar Sharma, Secretary, ministry of electronics and IT, on Tuesday said that the government is looking to promote more than 10,000 startups in the next 5 to 6 years, under the GENESIS programme.

While responding to a question about possible funding winter that could lead to shortage of fund or startups, Sharma said that, "Funding is not an issue. We are moving to level next where Genesis is coming. We are going to launch. We are going to promote 10,000 startups in the next 5 to 6 years."

He also added that he has not seen any startup running for funds and instead they are looking for growth opportunities through various means.

Sharma participated in a briefing session with various startup representatives which includes KidEx, Teralumens, iMumz, Recur Club, BlueSemi and many others, to understand their issues.

As per reports, in July, government launched the Digital India GENESIS (Gen-Next Support for Innovative Startups) programme, which has an outlay of INR 750 crore.

At present, India has, reportedly, more than 73,000 startups and out of them, more than 100 are unicorns or those with $1billion valuation.

"We are helping startups in product development from where they can pick up business," Kumar said.

Meity is already running a programme, Startup accelerator of MeitY for product innovation, development and growth (SAMRIDH), under which it plans to select 300 startups and provide each of them funding support of up to INR 40 lakh.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Starting a Business

3 Things to Consider Before Your Perfect Business Partner Becomes Your Perfect Disaster

There are many reasons for start-up businesses' high failure rate, including lack of cash, not doing enough research and poor marketing. But this one reason is definitely not getting enough attention.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Buying / Investing in Business

I'm a VC With Over 50 Startup Investments. Here Are the 4 Secrets to Securing Funding for Your Ventures.

Investor relationships are crucial in most businesses, but navigating them is no walk in the park. These insider tips from a former founder and current venture capitalist reveal how entrepreneurs can tap into the investor mindset and masterfully manage investor relations.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.