Finance Minister Nirmala Sitharaman on Saturday announced another round of Fund of Funds for Startups scheme with a corpus of Rs 10,000 crore to promote growth of budding entrepreneurs.<\/p>\n
The announcement assumes significance as the government is focusing on promoting innovation through startups.<\/p>\n
Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 1.5 lakh startups so far.<\/p>\n
An action plan for Startup India was unveiled on January 16, 2016.<\/p>\n
In the same year, Fund of Funds for Startups (FFS) scheme was launched with a corpus of Rs 10,000 crore, to meet the funding needs of startups.<\/p>\n
DPIIT is the monitoring agency and Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.<\/p>\n
The total corpus of Rs 10,000 crore was envisaged to be provided over the 14th and 15th Finance Commission cycles based on progress of the scheme and availability of funds.<\/p>\n
It has not only made capital available for startups at early stage, seed stage and growth stage but also played a catalytic role in terms of facilitating raising domestic capital, reducing dependence on foreign capital and encouraging home- grown and new venture capital funds<\/p>\n
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)<\/i><\/p>\n
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