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Rs 337 Cr funds provided under Startup India; 40K jobs created: Prabhu

By TIOL News Service

NEW DELHI, DEC 21, 2017: WHILE replying to a question in the Rajya Sabha yesterday, the Commerce Minister, Mr Suresh Prabhu, said that as on December 1, 2017, a total of 5350 Startups have been recognized by Department of Industrial Policy and Promotion (DIPP) for availing benefits under Startup India initiative.

I. Under the Fund of Funds for Startups, 75 startups have received funding to the tune of INR 337.02 crore,

II. A total of 74 Startups have been recognized to avail tax exemption under Section 80 IAC of Income Tax Act,

III. 975 applicants have received benefits under the Startups Intellectual Property Protection (SIPP) scheme,

IV. Startup India Hub has been established as a single point of contact for the entire Startup ecosystem to enable knowledge exchange and access to funding. So far, 15,000 users have registered on the Startup India Online Hub. The hub has resolved 75,643 queries pertaining to starting a business, access to incubation, raising funds, etc.

V. Learning and Development module of the Startup India program has been used by 1,89,000 individuals so far.

The details of expenditure incurred by DIPP under Startup India initiative are as under:

I. Under the Fund of Funds for Startups (FFS):
 
i. INR 500 crore has been released to SIDBI in Financial Year 2015-16 and INR 100 crore in Financial Year 2016-17;

ii. Total commitments under FFS by SIDBI are at INR 605.7 crore to 17  Alternative Investment Funds (AIFs);

iii. AIFs have drawn INR 90.62 crore from the FFS and have invested a  total of  INR 337.02 crore in 75 Startups;

iv. The expenditure incurred by DIPP through different activities undertaken by DIPP for Startup India initiative is INR 2.7 crore in Financial Year 2015- 16, INR 4.8 crore in  Financial Year 2016-17 and INR 13.2 crore in Financial   Year 2017-18;

Under DIPP recognized 5350 Startups atleast 40,000 people have been employed. The data about other Startups is not centrally compiled.          


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