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PM inaugurates GE’s multi-modal manufacturing facility at Chakan, Pune

Published By : Admin | February 14, 2015 | 11:47 IST
"PM: World is taking note of India's economic growth
"PM: Global technology and talent of Indian youth can together create a win-win situation "
"PM: Government working to improve ease of doing business"
"विश्व भारत की आर्थिक प्रगति को महसूस कर रहा है
"वैश्विक प्रोद्योगिकी और भारतीय युवाओं की प्रतिभा मिल कर स्थिति को बेहतर बना सकती है – प्रधानमंत्री "
"सरकार व्यापार में सुविधा पहुंचाने के उपाय कर रही है – प्रधानमंत्री "

The Prime Minister, Shri Narendra Modi, today said that the world is taking note of India's GDP growth, which has risen to 7.4 percent - and added that experts are now describing India as the fastest growing economy in the world. He said that he expects this to rise even further, and that the 21st century would be Asia's century, with India playing a key role in it.

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Inaugurating GE’s multi-modal manufacturing facility at Chakan, Pune, the Prime Minister said there were immense possibilities for manufacturing in India. He said India's demographic dividend was a magnet to attract investment. He said the Government was working towards creating a skilled talented workforce which would attract the world to India. He said global technology (Vishwa Dhan) and the talent of Indian youth (Yuva Dhan) could together result in a win-win situation for all.

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The Prime Minister said the Government was working towards predictability in policies and laws, that would boost confidence of investors.

The Prime Minister said his Government is working towards improving "ease of doing business." He complimented the Maharashtra Chief Minister Shri Devendra Fadnavis for doing a lot to improve ease of doing business, and reducing drastically the number of permissions required for setting up industry. He particularly praised the Chief Minister's initiatives in the hospitality sector.

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The Prime Minister congratulated GE for the state of the art manufacturing facility they had set up, and welcomed GE's announcement for further investment. He said this was a big boost to the 'Make in India' initiative.

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The Prime Minister said that in India, water, land and sky - jal thal aur nabh - all had great possibilities in manufacturing. He invited GE, which is already present in land and sky, to also invest in water - implying shipbuilding. He invited GE to invest in defence manufacturing, where FDI has been raised to 49 percent.

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The Prime Minister said Pune - which was now being called the "Detroit of India" - had immense potential to emerge as a hub of defence production. He also emphasized that the Railway sector could become an engine of economic growth, and offered huge possibilities.

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The Governor of Maharashtra Shri Vidyasagar Rao, the Chief Minister of Maharashtra Shri Devendra Fadnavis, and Union Minister Shri Prakash Javadekar were present on the occasion.

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Rs. 10,000 crore corpus to support deep tech, tech-driven innovative manufacturing startups, and early-growth stage startups

In a major boost to India’s growing startup ecosystem, the Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has approved the establishment of the Startup India Fund of Funds 2.0 (Startup India FoF 2.0) with a total corpus of Rs. 10,000 crore for the purpose of mobilizing venture capital for the startup ecosystem of the country.

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Launched under the Startup India initiative, Startup India FoF 2.0 builds on nearly a decade of sustained efforts to make India one of the world’s leading startup nations. Since the launch of Startup India in 2016, India’s startup ecosystem has witnessed an extraordinary transformation growing from fewer than 500 startups to over 2 lakh Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups today, with 2025 marking the highest ever annual startup registrations.

Building on Fund of Funds for Startups 1.0

The Startup India FoF 2.0 follows the strong performance of the Fund of Funds for Startups (FFS 1.0), which was launched in 2016 to address funding gaps and catalyse the domestic venture capital market for startups.

Under FFS 1.0, the entire corpus of Rs. 10,000 crore has been committed to 145 Alternative Investment Funds (AIFs). Such supported AIFs have invested over Rs. 25,500 crore in more than 1,370 startups across the country in sectors such as agriculture, artificial intelligence, robotics, automotive, clean tech, consumer goods & services, e-commerce, education, fintech, food & beverages, healthcare, manufacturing, space tech, and biotechnology amongst others.

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While the first phase built the ecosystem, Startup India FoF 2.0 is designed to take Indian innovation to the next level. The new fund will have a targeted, segmented funding approach to support:

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Startup India FoF 2.0 is expected to play a pivotal role in shaping India’s economic trajectory, leading to transformational impact.

Startup India Fund of Funds 2.0 is expected to play a critical role in advancing India’s innovation-led growth agenda. By supporting startups that build globally competitive technologies, products, and solutions, the Fund will contribute to strengthening India’s economic resilience, boosting manufacturing capabilities, generating high-quality jobs, and positioning India as a global innovation hub.

Aligned with the national vision of Viksit Bharat @ 2047, the Fund represents the Government’s continued commitment to empowering entrepreneurs, fostering innovation, and unlocking the full potential of India’s startup ecosystem.