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The Indian government will be supporting startups and entrepreneurs in the most difficult phase, which is the risk phase, angels, VCs, and funds may not like to risk their time and money at this time, says Ashwini Vaishnaw, Union IT Minister.

He was speaking on the launch of MeitY-NASSCOM Startup Women Entrepreneurs Awards 2020-2021, in partnership with UN Women.

“Out of 100, if 20 entrepreneurs scale to success that will be a big journey for the country. We are looking at millions of entrepreneurs to create more jobs, to make their mark, many more awards like this to come out, and grow to levels we make our country proud and feel satisfied,” he adds.

He further emphasises that in the case of startups, Honourable PM Narendra Modi’s vision is very clear.

“That’s what we are implementing, we will continue to implement, and scale it up to a totally different level,” he says.

India has a network of accelerators and incubators. The Union Minister believes for a country of 130 crores, 200 incubators won’t suffice. The government plans to scale the network of incubators and accelerators to grow up by 40X.

“To serve 1.3 billion people, India will scale up the network of incubators and accelerators to phenomenal levels in the next 3 years. They will be housed in institutions, industries and places where they add real value,” he adds.