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The government has constituted an experts advisory committee which will be responsible for the overall execution and monitoring of the Startup India Seed Fund Scheme. According to an office memorandum of the Department for Promotion of Industry and Internal Trade (DPIIT), the committee will evaluate and select incubators for allotment of funds under the scheme, monitor progress and take all necessary measures for efficient utilisation of funds towards fulfilment of objectives of the scheme. DPIIT had in February notified the operational guidelines to provide financial assistance to startups for proof of concept, prototype development, product trails, market entry and commercialisation.
January 17, 2021
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Prime Minister Narendra Modi has said that India will launch a ‘Startup India Seed Fund’ with a ₹1,000-crore corpus to help start-ups get seed money for starting their ventures and help them grow.
In the future, the government will also help start-ups raise debt capital through guarantees, the PM said speaking at the ‘Prarambh: Start-up India International Summit’ on Saturday.
The two-day summit, marking the fifth anniversary of the Start-up India initiative, brought together innovators, entrepreneurs, investors, regulators, industry leaders, and academicians from India and across the world including BIMSTEC countries.