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Rs. 163 Crore Disbursed to 41 Incubators Under Startup India Seed Fund Scheme: Piyush Goyal

    2 December , 2021         Fdiindia

Rs. 163 Crore Disbursed to 41 Incubators Under Startup India Seed Fund Scheme: Piyush Goyal

“As of November 25, 2021, Rs. 163.30 crores have been allocated to 41 incubators selected so far under the scheme,” Goyal said.

In a written reply to the Lok Sabha, the Union Minister for Commerce and Industry stated that Rs. 945 crores have been sanctioned under the Startup India Seed Fund Scheme (SISFS) for upcoming years beginning from 2021-22.

The Startup India Seed Fund Scheme is an initiative by the government to cultivate and empower next-generation Indian entrepreneurs.

The scheme aims to provide startups with the financial assistance needed for proof of concept, prototype development, product trials, market entry and commercialization.

Goyal added that as of October 2021, the ministry has apportioned Rs. 2,291.29 crores to the Small Industries Development Bank of India (SIDBI), the agency responsible for executing the projects under the Fund of Funds for Startups (FFS) scheme.

An aggregate of Rs. 10,000 crore has been appropriated under the FFS scheme, spread over the 14th and 15th Finance Commission cycles. Minister of State for Commerce and Industry Som Parkash told the Lok Sabha that in the last seven years (2014-21), India received $440.27 billion in foreign direct investment (FDI).

In reply to a different question, Minister of State for Commerce and Industry Anupriya Patel said that in September, India presented a document at the WTO mentioning the ‘Polluter Pays’ concept for fisheries and subsidies negotiations.

“It proposes a moratorium on subsidies by distant water fishing nations for fishing and fishing-related activities beyond their Exclusive Economic Zone (EEZ) and also seeks reduction commitments on distant water fishing capacity by these nations,” she said.

 


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