New Delhi:
Finance Minister Nirmala Sitarman on Saturday announced another round of funds for the startup scheme with a corpus of Rs 10,000 crore to promote the development of budding entrepreneurs.
This announcement gives importance as the government is focusing on promoting innovation through startups.
To promote industry and internal trade, the DPIIT has so far recognized more than 1.5 lakh startups.
An action plan for Startup India was unveiled on 16 January 2016.
In the same year, the Fund of Funds for Startups (FFS) scheme was launched with a corpus of Rs 10,000 crore to meet the funding requirements of startups.
DPIIT is an operating agency for Monitoring Agency and Small Industries Development Bank of India (SIDBI) FFS.
The total corpus of Rs 10,000 crore was envisaged to provide the progress of the scheme and the availability of funds in the 14th and 15th Finance Commission cycles.
This has not only provided capital for startups in the initial phase, seed phase and development phase, but also in the case of increasing domestic capital, reducing dependence on foreign capital and encouraging home-developed and new enterprise capital funds He has also played a catalyst role.
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