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23/07/2018 01:04pm

Over 550 startups mentored for incubation and funding support: MoS Commerce & Industry

image Over 550 startups mentored for incubation and funding support: MoS Commerce & Industry

New Delhi, July 23 (KNN) For incubation and funding support more than 550 Startups have been mentored, 2,20,000 registrations have been achieved and over one lakh queries have been handled by the Startup India Hub as of June, 2018, the Parliament was informed.

The Minister of State of Commerce and Industry, C. R. Chaudhary told the Lok Sabha that as many as eighty incubation centers including Atal Incubation Centres and Established Incubation Centres have been selected for funding by the NITI Aayog in the second phase of Statrup India programme announced in May 2018.

Nineteen Incubation Centres were selected in the first phase in year 2017-18.

Further, the Minister informed that the Startup India portal has been developed to provide one stop solution for all queries related to the Startup India initiative and Startup India mobile app has also been developed to provide on the go services and information to users.

As many as 11,129 Startups have been recognized till July 15, 2018 and over 2,15,000 registrations achieved under learning & development module.

The Minister apprised that patent filing has been made faster for Startups and 1029 facilitators have been empanelled to assist Startups in fling of patents and trademarks. 743 applications have received rebate of up to 80% on patent fees and have also received legal assistance. Trademark facilitation has been extended to 1095 Startups as of June, 2018.

The Ministry of Micro, Small and Medium Enterprise (MoMSME) has even relaxed the public procurement norms for Startups and has even extended provision h for faster exit of Startups in Resolution Process under Insolvency and Bankruptcy Code.

Rs. 500 crore has been released to SIDBI in FY16 and Rs. 100 crore in FY 17 out of Fund of Funds for Startups of Rs. 10,000 crore. Total amount of FFS is to be released over two Finance Commission cycles, that is, by the year 2025. Total commitments under FFS stand at Rs.1285.7 crore to 27 Alternative Investment Funds (AIFs). 142 Startups have received funding under FFS with catalysed investment of Rs. 602.60 crores.

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