The NDA Government Wednesday June 22,2016 approved Rs 10,000 crore 'Fund of Funds for
Startups' to support them with an aim to generate employment for 18
lakh persons.
"The fund is expected to generate employment for 18 lakh persons on full deployment...A corpus of Rs 10,000 crore could potentially be the nucleus for catalysing Rs 60,000 crore of equity investment and twice as much debt investment," an official statement said.
The decision was taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
"The Cabinet has approved the establishment of 'Fund of Funds for Startups' (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with SEBI which would extend funding support to startups," it said.
This is in line with the 'Startup India Action Plan' unveiled by the government in January 2016
The corpus shall be built up over the 14th and 15th Finance Commission cycles, subject to progress of the scheme and availability of funds, it said.
"The fund is expected to generate employment for 18 lakh persons on full deployment...A corpus of Rs 10,000 crore could potentially be the nucleus for catalysing Rs 60,000 crore of equity investment and twice as much debt investment," an official statement said.
The decision was taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
"The Cabinet has approved the establishment of 'Fund of Funds for Startups' (FFS) at Small Industries Development Bank of India (SIDBI) for contribution to various Alternative Investment Funds (AIF), registered with SEBI which would extend funding support to startups," it said.
This is in line with the 'Startup India Action Plan' unveiled by the government in January 2016
The corpus shall be built up over the 14th and 15th Finance Commission cycles, subject to progress of the scheme and availability of funds, it said.
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