Funding
DIPP Proposes Rs. 2000 Crores Fund For Startups
Keeping in mind the difficulties faced by startups in raising funds, the Commerce and Industry Ministry and Department of Industrial Policy and Promotion (DIPP,) have launched a new Rs. 2000 crores credit guarantee scheme for startups.
Nirmala Sitharaman, the Commerce and Industry Minister announced the scheme would provide credit guarantee of up to Rs. 500 lakhs per case, in a written reply in the Lok Sabha. This proposed scheme will also include term loan, working capital or other instruments of assistance. This can be extended to finance an eligible startup recognized by the DIPP to member lending institutions.
During the Startup India Hub launch, DIPP Secretary Ramesh Abhishek announced the Union Cabinet was expected to approve the $ 300 million (Rs. 2000 crores,) fund for startups by the end of July 2017. A credit guarantee fund was first announced in October 2016 to support startups and their risk taking abilities.
The Startup India, Standup India movement had brought a lot of changes in the startup ecosystem in India. Central and state governments have launched multiple programs for the benefit of startups across the country including tax redemptions and inclusion of foreign investment. Although a $ 1.5 billion ‘Fund of Funds’ scheme had been set up, to date only $ 848,000 (Rs. 5.66 crores) of the $ 1.5 billion fund were actually disbursed.
Minister Nirmala Sitharaman, has also taken multiple steps to ease the process of proliferation and setting up of startups. She has encouraged resolution for online vendor issues with ecommerce players and has recently announced a startup meet across the SAARC nations.
The Modi government has provided a platform for startups in India to raise and compete with the giants of the world. Recently, it was also reported the Commerce and Industry Ministry was also looking to establish a Startup Coast in Karnataka to better facilitate startups in southern India. The Karnataka Government also launched the Elevate program, that would select 100 startups and help them grow.
India, at present, is the third largest startup ecosystem and the fourth fastest growing economy in the world, according to Global Economic Prospects.
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