ENA Sectors 2024-06-10 15:01:04 <p><span style="font-size:14px"><strong>New Delhi, Jun 10 (KNN)</strong> The Ministry of Commerce and Industry is evaluating the possibility of requesting additional funds to support start-ups in the forthcoming Union Budget for the fiscal year 2024-25, according to a government official. This move is aimed at fostering innovation across the nation.</span></p> <p><span style="font-size:14px">The new administration is expected to present the Budget in July. The Seed Fund Scheme, launched in April 2021 with a corpus of Rs 945 crore, is set to conclude in 2025.</span></p> <p><span style="font-size:14px">The ministry may propose a similar initiative to provide financial assistance to start-ups for proof of concept, prototype development, product trials, market entry, and commercialisation.</span></p> <p><span style="font-size:14px">Officials highlight the critical importance of easy access to capital for entrepreneurs during the early stages of enterprise growth, acknowledging that the availability of funds during this phase can be a make-or-break situation for start-ups with promising business ideas.</span></p> <p><span style="font-size:14px">Currently, there are over 117,000 government-registered start-ups in the country, which are eligible for income tax and other benefits. These recognised start-ups have reportedly created more than 1.24 million direct employment opportunities.</span></p> <p><span style="font-size:14px">Additionally, the ministry is expected to propose a dedicated policy framework for deep tech start-ups.</span></p> <p><span style="font-size:14px">Deep technology refers to innovations rooted in advanced scientific and technological breakthroughs, with the potential to address some of India's most pressing societal challenges due to their disruptive nature.</span></p> <p><span style="font-size:14px">Promoting start-ups was a key focus area for the previous government, which introduced the Start-up India initiative on January 16, 2016, along with an action plan comprising 19 items spanning simplification and handholding, funding support and incentives, and industry-academia partnerships and incubation. These efforts aimed to cultivate a vibrant start up ecosystem within the country.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38138 https://knnindia.co.in/news/newsdetails/sectors/commerce-ministry-considers-seeking-more-start-up-funds-in-upcoming-budget 2024-06-10 15:01:04 knnindia.co.in