Start Up India: PM Modi announces Rs 10,000 crore dedicated fund for start-ups

"For biotech: 5 new bio-clusters, 50 incubators and 150 technology transfer offices", PM Modi said.

PM Modi, said, "An entrepreneur is one who's idea don't let him sleep at night. he is adventurous and ready to take risk".

PM Modi, said, "Startup is not about money. It doesn't come with plan to earn money. But, it comes when you think to bring change in other people's lives".

Prime Minister Narendra Modi, said, "Seeing is believing. Entrepreneurs should tell government, what not to do. When I was listening to Ritesh, OYO Rooms founder, I wondered why a 'chai wala' did not think of starting hotel chain".

Prime Minister Narendra Modi releases the Startup India action plan

Masayoshi Son, Founder of Softbank said, "I have strong feeling, 10-15 years from now, despite shaking situation in China, they will surpass US. And, after 20-25 years, India will become No. 1".

Sachin Bansal, founder of Flipkart said, "We would love to raise funds from market. India will be our first choice for listing".

Ritesh Agarwal Founder, OYO Rooms, said, " Bubble burst is good for India because it will be a real check for us".

Sachin Bansal, founder of Flipkart said, "Take step back and look at broader picture. India's internet technology will boom. India will go through technology transformation. Very early for the 'bubble' burst".

Sachin Bansal, Founder of Flipkart said, "Money follow great businesses. We should find investors who understand businesses to raise fund". 

Nikesh Arora, COO of SoftBank said, "Lessons you learn at large companies are similar to what you learn as start-up. The moment you priortise funding, you lose focus. Focus on problem. Money will follow you".

Travis Kalanick, Founder of Uber speaking at Start Up India said, "Entrepreneurs need to cross over analytics with creativity to grow their startup."   

Kunal Bahl, CEO of Snapdeal said, "If you believe what you are doing is solving the problem, it is good enough to be pursued. Keep taking feedback. You will find the solution."

"Women entrepreneurs looking for investment for their start-ups can leverage women funds such as 'Saha Fund' for their companies," Shanti Mohan, Founder, LetsVenture 

 Nidhi Agarwal Founder, Kaaryah said, "There is a large space for women entrepreneurship and start-ups in India." 

 Pranshu Patni, Co-founder, Culture Alley regarding investment for start-ups by women said, " If they (investors) know that the product is good and that you are committed, people will put in investment."

She further added women should not undermining other women entrepreneurs. They should fund other women entrepreneurs. 

"Competition in start-ups needed to keep you on your toes," said Kunal Bahl, Founder, Snapdeal

​He added, you need to lose at times and competition helps build a better company.   

Prime Minister Narendra Modi tweeted that he will join the Start Up India initiative in the evening and said that he was looking forward to interacting with start-up entrepreneurs. 

Will join the programme to commence the #StartupIndia movement this evening. Looking forward to interacting with start-up entrepreneurs.

— Narendra Modi (@narendramodi) January 16, 2016

"The government and RBI in the next few months will add to the banks' ability to lend more. Startup friendly tax measures will be announced in the forthcoming Budget," Finance Minister, Arun Jaitley.

On rescaling from 2014's announcement of investing $10 billion in ten years, Masayoshi Son said, "If I rescale, I will only scale up. Atleast in the last one year, we have already invested $2 billion, so if I have said $10 billion in ten years, I have already done $2 billion in one year, that’s over pacing. And I think we will accelerate."

"India can be bigger in momentum than China in the next 10 years. The 21st century belongs to India," he said

Masayoshi Son, Founder & CEO of the largest investors in start-ups in India, Softbank said that he sees a lot of new start-ups coming up in India.

When asked about what he sees when funding any start-up he said he looks at the leadership and the commitment and determination to the company. 

Finance Minister Arun Jaitley speaking at Start Up India said, "We ostensibly broke away from "license raj" in 1991, conceived with idea that Government will decide which businesses can run." 

He further said that the PM's own idea was that start ups need to be encouraged. Both the banking system and government will make the resources available.

"Start-Up India will change conventions. Government will merely be a facilitator for start-ups," said Jaitley.

He added, that they are fully conscious of the adverse situation in which they are struggling to keep respectable growth rates in Indian economy

"World universally recognises us as probably fastest growing amongst the major economies, but then we are not without our own challenges," he said.

We can take a limited satisfaction, that even in a crisis like situation in the world, we are growing much faster-FM

"Our effort over last few years was to restrict role of States in policy domain", he said.

He further added, "When PM Modi was voted to power, if I look back at the changes and the direction we have moved in, some of them are extremely significant."

Nirmala Sitharaman, Minister of State (MoS) for Commerce and Industry said, "We want start-ups to come to India, operate in India and stay in India. We as government have to see how best we can remove the clutter in doing business."

She said, "Last year there has been a 50% increase in financing for start-ups in india". There have also been several angel investors that have come forward to fund these start-ups. 

She further added that the government is making it also easy for start-ups to exit. 

Onno Ruhl, Country Director, World Bank said that India needs to create jobs in big way and innovation is the key. "We will support the government in any way possible. The potential is in the innovators," said.