Modi 2.0 Government establishes FFS with a corpus of Rs. 10,000 for startups
Modi 2.0 Government today established an FFS allocating Rs 10,000 crore fund. The major objective behind this move is to provide support for the development and growth of innovation-driven startups.
The Modi 2.0 Government today established an FFS (Funds of Funds for Startups) allocating Rs 10,000 crore fund. The major objective behind this move is to provide support for the development and growth of innovation-driven startups, the government mentioned in a written statement. The Rs 10,000 FFS corpus would be provided over 14th and 15th Finance Commission cycles based on the progress of the scheme and availability of funds.
"19,351 Startups across the country have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) as on 24.06.2019," Government added.
The DPIIT (Department for Promotion of Industry and Internal Trade) has recognised 19,351 startups across the country till June 24, 2019.
"SIDBI has committed Rs 3123.20 crore to 49 Securities and Exchange Board of India (SEBI) registered Alternative Investment Funds (AIFs). These funds have raised a corpus fund of Rs 27,478 crore," statement of government mentioned adding, "Rs 483.46 crore has been drawn from Fund of Funds for Startups. Further, the AIFs have invested a total of Rs 1,625.73 crore into 247 startups."
DPIIT is the monitoring agency which functions under the Ministry of Commerce and Industry, Government of India. It is responsible for the overall industrial policies. While Small Industries Development Bank of India (SIDBI) is the operating agency for FFS. It acts as the principal financial institution for promotion, financing and development of (MSME) sector and institutions engaged in similar activities.