New Delhi, March 25 – The Indian government announced on Tuesday that 217 incubators have been selected for funding under the Startup India initiative, with a total approved amount of Rs 916.91 crore (as of January 31).
The Startup India initiative, launched on January 16, 2016, supports incubators from both the private sector and academic institutions through the Startup India Seed Fund Scheme (SISFS). This information was provided in a written reply in the Lok Sabha by Minister of State for Commerce and Industry, Jitin Prasada.
The SISFS provides financial aid to eligible startups through incubators. This assistance is intended for various stages of startup development, including proof of concept, prototype development, product trials, market entry, and commercialisation. The Experts Advisory Committee (EAC) of SISFS is responsible for evaluating and selecting incubators for fund allocation. The SISFS scheme commenced on April 1, 2021.
“Under the Startup India initiative, the government constantly undertakes various efforts for the development and growth of startup ecosystem,” Prasada stated. He added that all steps undertaken under the initiative are inclusive, supporting entrepreneurs from disadvantaged backgrounds, as well as rural and tribal communities.
The government has implemented key schemes to support startups at different stages of their business cycle. These schemes include the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS).
Furthermore, the government conducts periodic programs and exercises aimed at the holistic development of the startup ecosystem. These include the ‘States’ Startup Ranking,’ ‘National Startup Awards,’ and ‘Innovation Week.’
Digital platforms are also in place to facilitate easy access to resources and encourage collaboration within the startup ecosystem. The Startup India portal and BHASKAR are among the digital platforms available.
Minister Prasada also mentioned the government’s efforts to encourage corporate involvement in supporting startups. This includes mentorship programs, access to infrastructure, resource and knowledge sharing, assistance with market linkages, and investor connections.
According to recent data from the Department for Promotion of Industry and Internal Trade (DPIIT), India currently hosts approximately 1.59 lakh startups.
