PM Modi's remarks at the plenary session of SCO Summit

Published By : Admin | September 17, 2021 | 12:22 IST

Excellencies,
Namaskar!

At the outset, let me congratulate President Rahmon on his successful Presidency of the SCO Council. The Tajik Presidency has managed the organization efficiently in a very challenging global and regional environment. In this year of the 30th anniversary of Tajikistan's independence, on behalf of India, I extend my heartiest congratulations and best wishes to all Tajik brothers and sisters, and to President Rahmon.

Excellencies,

This year we are also celebrating the 20thanniversary of SCO. It is a matter of happiness that new friends are joining us on this auspicious occasion. I welcome Iran as a new Member State of the SCO.I also welcome the three new Dialogue Partners - Saudi Arabia, Egypt and Qatar. The expansion of SCO shows the growing influence of our organization. SCO will become stronger and more credible with new Members and Dialogue Partners.

Excellencies,

The 20th anniversary of the SCO is also a suitable occasion to think about the future of the SCO.I believe that the biggest challenges in this area are related to peace, security and trust-deficit and the root cause of these problems is increasing radicalization. Recent developments in Afghanistan have made this challenge more apparent. SCO should take an initiative on this issue.

If we look at the history, we will find that the region of Central Asia has been a bastion of moderate and progressive cultures and values. Traditions like Sufism have flourished here over the centuries and spread throughout the region and the world. We can still see their influence in the cultural heritage of this region. On the basis of this historical heritage of Central Asia, SCO should develop a common template to fight radicalization and extremism.

In India, and almost in all SCO countries, there are moderate, tolerant and inclusive institutions and traditions associated with Islam. SCO should work to develop a strong network between them. In this context, I appreciate the useful work being done by SCO-RATS. We expect our SCO partners to actively participate in the calendar of activities that has been built for India’s Presidency of SCO-RATS.

Excellencies,

Fighting radicalization is not only necessary for regional security and mutual trust, but it is also necessary for the bright future of our younger generations. To compete with the developed world, our region has to become a stakeholder in emerging technologies. For this we have to encourage our talented youth towards science and rational thinking.

We can promote this kind of thinking and innovative spirit by connecting our young entrepreneurs and start-ups. With this approach, India organized the first SCO Start-Up Forum and Young Scientists Conference last year. In the previous years, India has successfully used technology in its development journey.

Whether it is technologies like UPI and Rupay Card to increase financial inclusion or digital platforms like our Aarogya-Setu and COWIN in the fight against COVID, we have voluntarily shared these with other countries as well. We will be happy to share these open source technologies also with our SCO partners and to organize capacity building activities for this.

Excellencies,

The vast economic potential of this region has also remained untapped due to radicalization and insecurity, be it mineral wealth or intra-SCO trade, to take full advantage of them, we have to emphasize on mutual connectivity. The role of Central Asia in history has been that of a connectivity bridge between major regional markets. This was also the basis of the prosperity of this region. India is committed to increasing its connectivity with Central Asia.

We believe that land-locked Central Asian countries can benefit immensely by connecting with India's vast market. Unfortunately, many connectivity options are not open to them today due to lack of mutual trust. Our investment in Iran's Chabahar port and our efforts towards the International North-South Corridor are driven by this reality.

Excellencies,

Any initiative on connectivity cannot be a one-way street. The connectivity projects should be consultative, transparent and participatory to ensure mutual trust. In this regard, respect for the territorial integrity of all countries should be implicit. Based on these principles, SCO should develop suitable norms for connectivity projects in the region.

With this we will be able to restore the traditional connectivity of this region and only then connectivity projects will work to connect us, not to increase the distance between us. For this effort, India is ready to make any contribution from its side.

Excellencies,

One of the main reasons for the success of SCO is that its core focus has been on the priorities of the region.My suggestions on radicalization, connectivity and people-to-people relations will further strengthen this role of SCO. Before I conclude, let me once again thank our host, President Rahmon.

Despite the challenge of this hybrid format, he has organized and successfully conducted this Summit. I also extend my best wishes to Uzbekistan as the next SCO Chairman and assure India's full cooperation.

Thank you!

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Cabinet approves Startup India Fund of Funds 2.0 to Mobilize Venture Capital for India’s Startup Ecosystem
February 14, 2026
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.

The Scheme is designed to accelerate the next phase of India’s startup journey by mobilising long-term domestic capital, strengthening the venture capital ecosystem, and supporting innovation-led entrepreneurship across the country.

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.

FFS 1.0 played a pivotal role in nurturing first-time founders, crowding in private capital, and helping build a strong foundation for India’s venture capital ecosystem.

Key Features of the Scheme:

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:

  1. Deep tech and tech-driven innovative manufacturing: Prioritizing breakthroughs in high-tech areas that require patient, long-term capital.
  2. Empowering early-growth stage founders: Providing a safety net for new and innovative ideas, reducing early-stage failures caused by lack of funding.
  3. National reach: Encouraging investment beyond major metros so that, the innovation thrives in every corner of the country.
  4. Designed to address high‑risk capital gaps: Directing greater capital to priority areas which are important for self-reliance and boosting economic growth.
  5. Strengthen India’s domestic venture capital base, particularly smaller funds to further boost the domestic investment landscape.

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.