• Home  / 
  • News
  •  /  Indian Govt. approves fund of Rs. 10,000 crore for startups to generate 18 lakh jobs

Indian Govt. approves fund of Rs. 10,000 crore for startups to generate 18 lakh jobs

24/06/2016

Indian government has approved Rs 10,000 crore ‘Fund of Funds for Startups’ to support the startups with an aim to generate employment for 18 lakh persons.

“The fund is expected to generate employment for 18 lakh persons on full deployment…A corpus of Rs 10,000 crore could potentially be the nucleus for catalyzing Rs 60,000 crore of equity investment and twice as much debt investment.” An amount of ₹500 crore has already been provided to the corpus in 2015-16 and ₹600 crore earmarked in 2016-17.

This would provide a stable and predictable source of funding for start-up enterprises and thereby facilitate large-scale job creation. Further provisions will be made as grant assistance through gross budgetary support by the Department of Industrial Policy and Promotion, which will monitor and review performance in line with the ‘Start-up India Action Plan’.

The government said SIDBI’s expertise would be used to manage the day-to-day operations of the fund. The monitoring and review of performance would be linked to the implementation of the action plan to enable execution as per timelines and milestones.

The move assumes significance as start-ups face several challenges such as limited availability of domestic risk capital, constraints of conventional bank finance, information asymmetry and lack of hand-holding support.
[su_box title=”More From DSIM” box_color=”#c7c7c7″ title_color=”#000000″ radius=”5″]1) CASE STUDY: How GrabOn started with 6 interns became India’s leading Couponic platform?

2) STARTUP: How Bucker integrated 15 apps in its single interface and has grown to 20,000 user base in just six months?

3) NEWS: Digital India Move: Google introduces free Wi-Fi at 19 Railway Station[/su_box]

Advanced
Digital Marketing Training Program
for professionals & job seekers
Learn how to market a business online just like experts & agencies do it.
Learn from real practitioners not just trainers.

Watch DSIM Trainees Celebrating Last Day of Batch

Watch Demo

Share Button
Masters in
Digital Marketing
for professionals & job seekers
Learn how to market a business online just like experts & agencies do it.
Learn from real practitioners not just trainers.

Watch DSIM Trainees Celebrating Last Day of Batch

Watch Demo


Call Us
Free Demo