Got a startup idea? PM Modi unveils Rs 1 lakh crore innovation fund

From the Red Fort, Prime Minister Narendra Modi announced a Rs 1 lakh crore innovation fund for young entrepreneurs and startups. The speech paired immediate backing for innovation with wider plans for AI skilling, manufacturing and energy capacity.PM Modi at Red Fort on 80th Independence DayIf you have a startup idea, the government says funding should not stand in your way.Addressing the nation from the Red Fort on India’s 80th Independence Day, Prime Minister Narendra Modi announces a Rs 1 lakh crore innovation fund to support young innovators and entrepreneurs, calling on India’s youth to turn their ideas into businesses.“We have created a mechanism with Rs 1 lakh crore to strengthen ideas, innovation and capability. Come forward with your dreams – there will be no shortage of resources,” PM Modi said during his address.The announcement builds on the government’s Startup India initiative, which Modi said has helped register more than 2.5 lakh startups over the past decade. He said the startup ecosystem has become a major source of employment, with young entrepreneurs creating jobs not only for themselves but for others as well. STARTUPS, AI AND SKILLING IN FOCUSThe innovation fund was among a series of youth-centric announcements spanning education, technology and employment.PM Modi said the government will train one crore young people in artificial intelligence over the next year through a nationwide mission-mode programme. He also announced free online coaching for students preparing for competitive examinations, aiming to make exam preparation more accessible across the country. Highlighting the role of Digital India and affordable internet, the Prime Minister said India’s youth now have greater opportunities in research, innovation and emerging technologies. He also cited initiatives such as Skill India, the National Drone Policy, the opening of the space sector and Khelo India as efforts to expand career pathways for young Indians.SEMICONDUCTOR AND NUCLEAR MANUFACTURING PUSHBeyond startups, Modi outlined the government’s plans to strengthen strategic manufacturing and energy infrastructure.He said seven to eight semiconductor manufacturing plants are expected to become operational within the next one to two years, marking a significant step in India’s domestic chip production ambitions.In the nuclear sector, the Prime Minister announced a target of 100 GW of nuclear power capacity by 2047 and said five new nuclear reactors are expected to be commissioned over the next six to seven years.Reflecting on the last 12 years, Modi said India has witnessed rapid expansion across manufacturing and industrial sectors.According to the Prime Minister, defence production has nearly quadrupled, while output from the khadi and village industries sector has increased almost fivefold. He also said electronics manufacturing has grown sevenfold, production of modern railway coaches has risen 21 times, and mobile phone manufacturing has expanded 33-fold during the period.Positioning youth and innovation at the centre of India’s next phase of economic growth, Modi’s Independence Day address combined long-term manufacturing goals with immediate support for startups, AI skilling and entrepreneurship.- EndsPublished By: Mridusmita DekaPublished On: Aug 15, 2026 10:18 IST