Govt to provide major part of Rs 10,000 Cr Startup Fund to Sector Like New Age Tech, AI – Amar Ujala Hindi News Live

New plan on the lines of 2016 to help startups

In the budget, the government has announced a new FFS with a fund of Rs 10,000 crore. In 2016, the government started a similar scheme. “We are going to dedicate a large part of this fund of Rs 10,000 crore to the technology, AI and machine manufacture of the new era,” said an official.

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This scheme of 2016 was launched to promote capital investment in domestic enterprises. It is operated by the Small Industries Development Bank of India (SIDBI). Under this, AIF (optional investment fund) registered in the Securities and Exchange Board of India (SEBI) is provided capital, which in turn invests in startups.

Startup India initiative was started on 16 January 2016

The official has expressed the hope that SIDBI will also manage the second plan. With the intention of creating a strong ecosystem in the country to promote innovation and promote startups, the government launched the Startup India initiative on 16 January 2016.

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According to the eligibility conditions of the government, institutions are recognized as ‘startup’ by the department under the Startup India initiative. So far, more than 1,50,000 institutions have been recognized as startups in more than 55 industries. These units are eligible to get tax and non-tax incentives under the Startup India Action Scheme.