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Daily News Analysis

STARTUP INDIA SEED FUND SCHEME

4th May, 2023 POLITY AND GOVERNANCE

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Context: To determine the impact of the Startup India Seed Fund Scheme, the Department for Promotion of Industry and Internal Trade (DPIIT) is conducting a third-party evaluation.

Startup India Seed Fund Scheme

About

  • The scheme was launched by the Prime Minister in 2021, as part of the Startup India initiative that was started in 2016.
  • The scheme has a corpus of Rs 945 crore, which is disbursed through selected incubators across the country.
  • The Department for Promotion of Industry and Internal Trade (DPIIT), under the Union Ministry of Commerce and Industry, is the nodal agency for implementing the scheme.

Objectives

  • Provide financial assistance to startups in their early stages of growth.
  • To foster innovation and entrepreneurship in various sectors of the economy by supporting creativity, prototype development, product trials, market entry and commercialization.
  • To support around 3,600 startups across various sectors and regions of the country.
  • Create a robust startup ecosystem by fostering innovation, entrepreneurship and job creation.

Recent initiatives

  • DPIIT has recently announced that it will conduct a third-party assessment of the scheme to evaluate its effectiveness and impact.
  • The assessment will cover various aspects of the scheme, such as;
    • The selection process of incubators and startups
    • The disbursement and utilization of funds
    • The monitoring and mentoring mechanisms
    • The outcomes and achievements of the supported startups
    • The challenges and best practices of the scheme

Conclusion

  • The Startup India Seed Fund scheme is a boon for budding entrepreneurs who have the vision to transform India and the world with their ideas. It can help bridge the gap between idea and execution, and enable more entrepreneurs to realize their dreams.

Must Read Articles:

Startup India Seed Fund Scheme: https://www.iasgyan.in/daily-current-affairs/start-up-india-seed-fund-scheme#:~:text=The%20Scheme%20aims%20to%20provide%20financial%20assistance%20to%20startups%20for,years%20starting%20from%202021%2D22

PRACTICE QUESTION

Q. The Startup India Seed Fund scheme is a government initiative that aims to provide financial assistance to early-stage startups in various sectors and regions of the country. How can the Startup India Seed Fund scheme be made more effective and inclusive to achieve its objectives of supporting innovation and entrepreneurship in the country?

https://economictimes.indiatimes.com/tech/startups/dpiit-undertaking-third-party-assessment-of-startup-india-seed-fund-scheme/articleshow/99937970.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst