New Delhi, Dec 7 (KNN) The Government has officially recognized over 1.14 lakh entities as startups as of October 31 under the Startup India Initiative, states MoS Commerce and Industry Som Parkash in a written reply in the Lok Sabha on Wednesday.

Launched in January 2016, the Startup India initiative has played a pivotal role in nurturing innovation, fostering startups, and encouraging investments within the country's dynamic startup ecosystem.

In order to meet these objectives, Centre unveiled an Action Plan for startups comprising of multiple schemes and incentives. The Action Plan comprises of 19 action items spanning across areas such as “Simplification and hand holding”, “Funding support and incentives” and “Industry-academia partnership and incubation”.

Aligned with the Startup India Action Plan, the Government has rolled out flagship schemes, including the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).

These schemes are aimed to provide financial assistance and support at different stages of startups' business cycles.

(KNN Bureau)