The Startup India Seed Fund Scheme (SISFS) worth Rs 945 crore will be operational from April 1, 2021, to 2025. Through this the government will boost the ecosystem, providing the crucial capital for young companies.
The Department for Promotion of Industry and Internal Trade (DPIIT) will implement the scheme.
The government in a gazette notification has announced that the scheme will offer financial help to startups that have been recognised by the DPIIT and incorporated not more than two years ago at the time of application. This money will be disbursed through selected incubators across India.
The Startup India Seed Fund Scheme is sector-agnostic and will have a central common application on Startup India portal for startups and incubators on an ongoing basis.
As per the notification, DPIIT will form an Experts Advisory Committee (EAC) and it will be responsible for the overall execution and monitoring of the Startup India Seed Fund Scheme.
The EAC will evaluate and select incubators for the allotment of Seed Funds, monitor progress, and take all necessary measures for efficient utilisation of funds towards the fulfilment of objectives of the scheme.
The government added that preference would be given to startups that are innovating in areas of agriculture, education, food processing, healthcare, social impact, waste management, water management, financial inclusion, biotechnology, energy, mobility, defence, space, railways, oil and gas, textiles, etc.
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