At a time like this, SoftBank, one of the most influential tech investors, can’t stay quiet for too long. It is set to invest close to $1.2 billion in Indian startups in the first quarter of the current financial year, two sources aware of the matter said.
E-commerce giant Amazon India has launched $250 million Amazon Smbhav Venture Fund (the venture fund) to invest in startups and entrepreneurs focusing on technology innovations in SMB (small and medium business) digitization, agriculture and healthcare. The venture fund will invest in technology-led startups that are passionate about unlocking the possibilities of a digital India.
Nearly three months after the Centre launched the project, Union Commerce Minister Piyush Goyal officially unveiled the Startup India Seed Fund Scheme (SISFS) to financially support early-stage startups through 300 incubation centres. The project is expected to support about 3,600 startups and improve the startup economy, especially in tier-2 and tier-3 cities, according to the commerce ministry. The Rs 945 crore fund will be distributed across the next four years to eligible startups by incubators throughout India. The government has established an Experts Advisory Committee (EAC), which will be in charge of the scheme’s overall implementation and oversight. Every year, over 7,500 new startups are established, and it is important to provide financial backing to startups with creative solutions so that they can execute their ‘Proof of Concept.’ DPIIT (Department for Promotion of Industry and Internal Trade) has unveiled a scheme to encourage early-stage startup funding.
This statistical prediction made by Oxford Economics has been published in the seventh edition of the US National Intelligence Council’s Global Trends report. The document, published every four years since 1997, assesses the key trends and uncertainties that will shape the strategic environment for the United States during the next two decades.
As per the report, India is going to double its contribution to the global GDP by 2040 at 6.1 per cent from 3.1 per cent in 2020. India in 2020 was at the sixth rank, globally but by 2040 will be the third largest economy. The report said India will replace Japan in the global rankings.