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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