Startup Fakery: Kharge Critiques Modi Government's Support

Mallikarjun Kharge criticizes the Narendra Modi government's inadequate support for Indian startups, calling it a 'startup of fakery.' He claims credit for growth goes to entrepreneurs, not the government. Kharge highlights low Startup India Seed Fund approvals, lack of tax benefits, and significant job losses.

Congress President Mallikarjun Kharge fiercely criticized the Narendra Modi government, asserting that Indian startups have received negligible support over the past nine years. He accused the administration of building a 'startup of fakery' while attributing any growth in the startup sector to the entrepreneurs themselves.

Kharge emphasized that only 1.58% of recognized startups have been approved for funding under the Startup India Seed Fund initiative by the government. He further pointed out that over 97% of these startups lack tax benefits, despite promises of a substantial Rs 20,000 crore Startup Seed Fund.

The Congress chief also highlighted that the average funding approved for recognized startups amounts to only Rs 32.65 lakh. Moreover, he claimed that more than 5,000 startups closed in 2024 alone, resulting in the loss of at least 1,56,000 jobs since 2020. Kharge criticized the government's initiatives as 'hollow sloganeering' and 'loud propaganda.'

(With inputs from agencies.)