The government has approved INR 611.36 Cr for 160 incubators under the Startup India Seed Fund Scheme as of April 30, 2023. The approved incubators have selected 1,039 startups for providing support of INR 176.63 Cr. Vel Tech Technology Incubator has selected 29 startups.
The government also informed the Parliament that the number of recognised startups in the country grew to 98,119 as of April 30, 2023 from 428 in 2016. This is a significant increase and it shows that the Startup India initiative is having a positive impact on the Indian startup ecosystem.
The Startup India Seed Fund Scheme is a government-backed program that provides financial support to early-stage startups. The scheme aims to help startups with their market entry, commercialization or scaling up. The approved incubators under the scheme provide a range of support services to startups, including mentorship, networking and access to infrastructure.
The government's approval of INR 611.36 Cr for the Startup India Seed Fund Scheme is a welcome move. This funding will help to support the growth of early-stage startups in India. The government's decision to also inform the Parliament about the increase in the number of recognised startups is a positive step. This shows that the government is committed to supporting the Indian startup ecosystem.
The growth of the Indian startup ecosystem is a positive development for the country's economy. Startups create jobs, drive innovation and help to boost economic growth. The government's support for the Startup India Seed Fund Scheme is a step in the right direction. This funding will help to ensure that India continues to be a hotbed of innovation and entrepreneurship.