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What is the News?
The Ministry of Electronics & Information Technology(MeitY) has launched the SAMRIDH Scheme.
About SAMRIDH Scheme:
- Full-Form: Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH).
- Aim: To create a conducive platform for Indian Software Product start-ups to enhance their products and secure investments for scaling their business.
- Implementation: MeitY Start-up Hub (MSH).
Key Features of the Scheme:
- Firstly, the scheme will focus on accelerating the 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
- Secondly, an investment of up to ₹ 40 lakh to the start-up based on the current valuation and growth stage of the Start-Up will be provided through selected accelerators.
Significance of the Scheme:
- India is currently the third-largest Unicorn hub globally, with 63 Unicorns having a total valuation of 168 Billion USD.
- The programme aims to further the Indian start-up growth and create at least 100 unicorns out of the selected startups.