Govt Approves Rs 611 Crores for 165 Incubators Under Seed Fund Scheme of Startup India

The government has allocated Rs 611 crore to the incubator under the scheme of seed fund that is to provide initial capital, which was started for the encouragement of startup in the country, out of this 611 crore fund Rs 61 crore, till date, have been given to start-ups.

A senior official reported on Tuesday that new startups found eligible through Incubator (an institution that initially supports new startups) are being given economic support through this fund.

Manmeet Nanda, Joint Secretary in the Department of Industry Promotion and Internal Trade ( DPIIT), told reporters here that within two years of the commencement of the scheme, it proved helpful in promoting innovation.

The government launched the ‘ Startup India Seed Fund Scheme ’ in April 2021 with an allocation of Rs 945 crore. This fund amount is to be allocated till FY 2024-2025.

Nanda said that so far 165 incubators have been selected under this scheme and the government has approved Rs 611 crore for them. He said, "so far more than 1,000 startups have benefited from the scheme."

He said that the department will be able to use the sum of Rs 945 crore under the scheme and a separate amount will also be demanded if needed.

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