Synopsis
As of March 25, 2023, the Indian government has approved funding of Rs 916.91 crore for 217 incubators under the Startup India initiative, aiming to bolster the startup ecosystem and support entrepreneurs from various backgrounds.Key Takeaways
- 217 incubators selected for funding.
- Total approved funding of Rs 916.91 crore.
- Support for startups through SISFS.
- Focus on inclusivity for entrepreneurs from disadvantaged backgrounds.
- Various government initiatives promote startup growth.
New Delhi, March 25 (NationPress) In a significant enhancement to the domestic startup ecosystem, 217 incubators have been chosen with a cumulative approved funding of Rs 916.91 crore under the Startup India initiative (as of January 31), the government announced on Tuesday.
The Startup India initiative was officially launched on January 16, 2016.
Through this initiative, both private sector and academic institution incubators receive support via the Startup India Seed Fund Scheme (SISFS), as stated by Minister of State for Commerce and Industry, Jitin Prasada, in a written response in the Lok Sabha.
This scheme offers financial support to qualifying startups through incubators for stages such as proof of concept, prototype creation, product trials, market entry, and commercialization.
The Experts Advisory Committee (EAC) of SISFS assesses and selects incubators for funding allocation. SISFS has been operational since April 1, 2021.
“Under the Startup India initiative, the government continuously engages in numerous efforts to enhance and support the startup ecosystem. All measures taken under this initiative are inclusive and aim to assist entrepreneurs from underprivileged backgrounds, as well as rural and tribal communities,” Prasada remarked.
The primary schemes, namely Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS), provide assistance to startups at various phases of their business journey.
The government also conducts regular exercises and programs, including ‘States’ Startup Ranking’, ‘National Startup Awards’, and ‘Innovation Week,’ which are vital for the comprehensive growth of the startup ecosystem.
Digital platforms like the Startup India portal and BHASKAR facilitate easy access to resources and promote collaboration within the startup ecosystem.
The minister indicated that the government is also fostering corporate participation in supporting startups by offering mentorship, access to infrastructure, resource sharing, market linkage assistance, and investor connections.
According to the latest data from the Department for Promotion of Industry and Internal Trade (DPIIT), India is home to approximately 1.59 lakh startups.
