Govt recognizes 223 start ups for ‘Start up India’ programme

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Government of India has recognized 223 start ups out of 793 applied so far.

start ups

A ‘Fund of Funds’ (FFS) of INR 10,000 crores for Start ups has been established which is being managed by SIDBI.

The fund will invest in SEBI registered Alternative Investment Funds (AIFs) which, in turn, will invest in Start ups.

Till date, SIDBI has sanctioned an amount of Rs.168 crore towards the corpus of 6 AIFs under FFS. These AIFs shall invest in start ups across sectors and States. At present no such information, state-wise, is available.

This information was given by the Commerce and Industry Minister Nirmala Sitharaman in a written reply in Rajya Sabha on Wednesday (August 3).

Government is committed to make Start up India initiative a scalable reality and to provide an environment for Start ups to thrive in, The Ministry of Commerce and Industry believes the way forward is to have all the stakeholders on board to take the initiative forward and act as a facilitator for Start ups to flourish.

With the agenda of creating a conducive Start up ecosystem, the Ministry is reaching out to all the stakeholders to discuss key concerns that need to be addressed to strengthen the ecosystem.

By Belal Khan

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