Government allocates Rs. 283 crore for Startup India Scheme

In the recently announced budget  2022-2023, the government of India has allocated Rs.283 crores for the startup India seed fund scheme. This is much higher when compared to the revised estimate of about 100 crores. Last year in April 2021, the government announced the startup India fund scheme (SISFS), which aims to provide financial assistance to all kinds of startups. Whether it is a proof of concept, product trial, prototype development, market entry or commercialization all startups were considered under the scheme.

The budget allocation of funds for this year stood at 1000crores, which is lower when compared to the revised estimate of about INR 1330cr for the year 2021-22. The government has set up a fund of funds for startup FFS with a corpus of Rs10000 crore. The operating agency in charge is (SIDBI) Small Industries Development Bank of India. The startup India initiative taken by the government aims at fostering entrepreneurship and promoting innovation, it helps by creating an ecosystem that is conducive and growth-oriented for budding entrepreneurs.

The budget for PESO ( petroleum and explosives safety organization) has been enhanced to Rs66.16 crores for the next financial year against Rs. 60.67 crore in the revised estimate of this fiscal 2022.

Last year around April, the Centre rolled out the SISFS which to provide different assistance in all fields for startups, including market entry for the brand or the company. The total allocations for markets access initiative and interest equalization scheme have been increased to Rs 200 crore and Rs 2,621.5 crore for 2022-23.