Startup India Initiative witnessed 1,14,902 Startup entries as on 31st October 2023

Startup India Initiative witnessed 1,14,902 Startup entries as on 31st October 2023

The success of one of the significant initiatives of the government of India named Startup India program can be estimated by the announcement as a written reply in lok sabha by the union minister of state for commerce and industry Shri Som Prakash.

In this written reply, he mentioned that the number of the Startup entries from the commencement of Startup India Initiative stands on 1,14,902. This number showcases the success of the great ambition of India which is to make country industrial reliable and a robust Startup hub.

About the Startup India Initiative:

The Startup India program was launched on January 16, 2016, by Prime Minister Narendra Modi. The primary goal of the initiative is to promote and support startups, fostering entrepreneurship and job creation in India.

Startup India consists of a 19-point action plan that includes various initiatives to simplify the startup process, provide funding support, and encourage innovation surrounding various areas such as funding support and incentives and Industry-academia partnership and incubation and others.

Flagship schemes under Startup India program:

There are also some flagship schemes under the Startup India program such as Fund of Funds for startups( FFS), Credit Guarantee Scheme for startups (CGSS) and Startup India Seed Fund Scheme ( SISFS).

In this article we will get to know some insights of these Scheme.

Fund of Funds for startups (FFS):

Under the Fund of Funds for startups schemd the government established a Fund with a corpus of INR 10,000 crores to provide financial support to startups by investing in SEBI registered Alternative Investment Funds (AIFs). This scheme is Implementated and being into operation by Small Industries Development Bank of India (SIDBI).

Credit Guarantee Scheme for startups (CGSS):

To facilitate funding for startups, the Credit Guarantee Fund for Startups (CGFS) was introduced to encourage banks and financial institutions to provide venture debt to startups such as scheduled commercial banks Non-Banking Financial Companies (NBFCs) and Venture Debt Funds (VDFs) under SEBI registered Alternative Investment Funds. This scheme came into operation under the National Credit Guarantee Trustee Company Limited (NCGTC).

Startup India Seed Fund Scheme (SISFS):

In 2021, the government launched a seed fund with an initial corpus of INR 945 crores to support early-stage startups and help them validate their business ideas. This scheme provides Funds for the startups to begin some important part of the development such as help to enter the market and start commercialization. The execution of this scheme comes under Experts Advisory Committee (EAC).

Conclusion:

Startup India Initiative is one of the greatest achievements of the government of India. Under this program many ambitious and potential Startup came into existence and provide assistance to grow country’s economy. This scheme is still going ahead to reach more milestones in future.

Important Questions:

1. What is Startup India program?
2. Describe the motive behind the Startup India program initiated by the government.
3. Describe the details of schemes under the Startup India program.

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