New Delhi: In the Budget 2022-23, the Central government has set out Rs 283.5 crore for the Startup India Seed Fund Scheme, which is higher than the Revised Estimate of Rs 100 crore.
The Fund of Funds for Startups received a budgetary allocation of Rs 1,000 crore. With a corpus of Rs 10,000 crore, the government has established a Fund of Funds for Startups (FFS). The FFS is administered by the Small Industries Development Bank of India (SIDBI).
The Startup India Seed Fund Scheme (SISFS) was launched by the government in April 2021 with the goal of providing financial help to start-ups for proof of concept, prototype development, product trials, market entry, and commercialization.
The allocation for the Startup India initiative has been enhanced to Rs 50 crore for 2022-23 from the Revised Estimate of Rs 32.83 crore in 2021-22, according to Budget papers. The Startup India project aims to promote entrepreneurship and innovation by providing an environment that supports the development of aspiring entrepreneurs.
The Petroleum and Explosives Safety Organisation (PESO) budget has also been increased to Rs 66.16 crore for the next fiscal year, up from Rs 60.67 crore in the Revised Estimate for current fiscal year.
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