IT Minister vision for startups takes shape of SAMRIDH Scheme

What is the News?

The Ministry of Electronics & Information Technology(MeitY) has launched the SAMRIDH Scheme.

About SAMRIDH Scheme:

1. Full-Form: Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH).
2. Aim: To create a conducive platform for Indian Software Product start-ups to enhance their products and secure investments for scaling their business.
3. Implementation: MeitY Start-up Hub (MSH).

Key Features of the Scheme:

1. 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. 
2. 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:

1. India is currently the third-largest Unicorn hub globally, with 63 Unicorns having a total valuation of 168 Billion USD.
2. The programme aims to further the Indian start-up growth and create at least 100 unicorns out of the selected startups.