Question: On January 29, 2021 government has announced launch of Start-up India Seed Fund. What is the corpus of this fund?
a) Rs 700 cr
b) Rs 900 cr
c) Rs 945 cr
d) none of the above
Answer: c
Context
- The government has announced for the launch of Start-up India Seed Fund Scheme (SISFS) on January 29, 2021.
Facts
- It is launched to provide assistance to start ups for proof of concept , prototype development, production trials, market-entry and commercialization.
- It has corpus of 945 crore and will be launched in mission mode for 2021-25.
- The overall execution and monitoring of the SISFS will be done by the Department for Promotion of Industry and Internal Trade (DPIIT). The DPIIT will form an Experts Advisory Committee (EAC) to look after the same.
- The Expert Advisory Committee (EAC) will evaluate and select the incubators.
- These incubators will play the role of fund distributer.
Which start-ups are eligible under the scheme?
- Starts-ups not incorporated before 2 years at the time of application.
- Must be recognised by DPIIT.
- Must have commercially viable business idea and should use technology in its core product or service.
- The notification highlights that, preference will be given to start-ups that create innovative solutions in sectors such as waste management, social impact, healthcare, textiles, agriculture, water management, defence, food processing, education, energy, railways, financial inclusion, mobility, space, oil, gas and biotechnology.
By kameshwar shukla
Reference: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1689160