Goyal launches Startup India Seed Fund
New Delhi |
Updated on
OUR BUREAU
Minister of Railways, Commerce and Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal, launched the Startup India Seed Fund Scheme (SISFS) on Monday.
As per the scheme, a ₹945 crore corpus will be allocated over the next four years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support an estimated 3,600 startups through 300 incubators, stated a release.
The scheme aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation. The scheme was announced by the Prime Minister Narendra Modi on January 16, 2021, marking the five-year anniversary of the Startup India initiative, it said.
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.
JAMMU: Sixty-nine start-ups have been registered in Jammu and Kashmir under the Startup India scheme, officials said. According to data from the Jammu and
₹1,000-cr Startup India Seed Fund from April 1
February 07, 2021
× Start-ups and incubators can apply online for support under the ₹1,000-crore Startup India Seed Fund Scheme (SISFS) which would become operational from April 1, according to Anil Agrawal, Joint Secretary at the Department of Promotion of Industry and Internal Trade (DPIIT) under the Commerce Ministry.
Grants, debentures
Start-ups can avail up to ₹70 lakh and incubators would get up to ₹5 crore as grant and if they are able to spend this in three years, they would get another ₹5 crore, Agrawal said while participating in a virtual workshop organised by the Indian Space Research Organisation (ISRO) and CII on Thursday. The fund was recently notified by the government.
Union Budget marks continuation of govt efforts to handhold startups: STPI s Omkar Rai ANI | Updated: Feb 02, 2021 15:23 IST
New Delhi [India], February 2 (ANI/NewsVoir): The year 2021 will be remembered as a milestone for the presentation of the first paperless budget. It reinforces the significance of digitization and emerging technologies as among the formidable undercurrents in the Indian economy. These developments have shaped the trajectory of the startup ecosystem in the past few years.
The role of the government has further propelled the growth of startups. The Indian startup ecosystem is currently the third-largest in the world. A series of measures such as revising the definition of startups, providing income exemptions and setting up Fund of Funds has had a cascading effect by promoting entrepreneurship, generating employment and fostering innovation. Amid the focus on Aatma Nirbhar Bharat, the government has allocated Rs 945 cro