A total of Rs. 600 crore has been approved under the India Aspiration Fund till date by the Small Industries Development Bank of India or SIDBI as it is more famously known as in the industry.
The revelation was made by Mr. Shailendra Singh, joint secretary and chief vigilance officer, department of industrial policy and promotion, ministry of commerce and industry, at the Startup India session recently held in Coimbatore. He along with Ms. Nirmala Sitharaman, Union minister of state for commerce and industry had participated actively in the session.
Earlier this year, the country saw the launch of government's much ambitious and talked about initiative Startup India by the country's very own Prime Minister, Mr. Narendra Modi. During its launch, the PM had announced the Rs 2,000 crore India Aspiration Fund in order to make capital support easily available to startups.
Speaking at the session, Singh said, "Around Rs 600 crore has been approved by SIDBI, and the amount will be released soon. Besides looking for venture capitalists, startups can apply for funds from the India Aspiration Fund."
He also divulged about the ministry of commerce's plan to introduce a web portal and mobile app for registration purposes of startups. Using the above two methods, the startup registration process will become easy, sorted and less cumbersome. Further, the details of the company will automatically be shared with all necessary departments and one will not be required to waste days running from pillar to post.
The Startup India session held at the Codissia Trade Fair complex in Coimbatore was the second such session held in the country. The session received commendable response from the people and saw the participation of 140 enthusiastic industrialists, which included esteemed members of various industry associations like the Confederation of Indian Industries, Coimbatore District Small Scale Industries Association and Indian Chamber of Commerce. Further, the expo saw some 25 young startups had set up stalls at the premises of the session.
Here's wishing the Indian startup industry all the very best for this year. Seeing the start, we can foresee a very successful 2016 for the Indian startup scene.
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