Budget 2022: Govt Allocates Rs 283.5 Crore For Startup India Seed Fund Scheme

The government has allocated Rs 283.5 crore for the Startup India Seed Fund Scheme in the Budget 2022-23, which is higher than the Revised Estimate of about Rs 100 crore.

The budgetary allocations for the Fund of Funds for Startups stood at Rs 1,000 crore. The government has set up a Fund of Funds for Startups (FFS) with a corpus of Rs 10,000 crore. The Small Industries Development Bank of India (SIDBI) is the operating agency for the FFS. In April 2021, the government rolled out the Startup India Seed Fund Scheme (SISFS), which aims to provide financial assistance to start-ups for proof of concept, prototype development, product trials, market-entry, and commercialisation.

According to the Budget documents, the allocation for the Startup India programme has been increased to Rs 50 crore for 2022-23 from the Revised Estimate of Rs 32.83 crore in 2021-22.

The Startup India initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of budding entrepreneurs.

The budget for the Petroleum and Explosives Safety Organisation (PESO) has also been enhanced to Rs 66.16 crore for the next financial year as against Rs 60.67 crore in the Revised Estimate of this fiscal. The Footwear, Leather and Accessories Development Programme (FLADP) has received Rs 208 crore for 2022-23. Similarly, the allocations for national industrial corridors has increased to Rs 1,500 crore from the Revised Estimate of Rs 1335.15 crore in 2021-22.

The Funds for Industrial Development of Backward and Remote Areas have been increased to Rs 791.4 crore for the next financial year. The cumulative allocation for the Department for Promotion of Industry and Internal Trade (DPIIT) stood at Rs 8348 crore for 2022-23. The budgetary allocations for the commerce department aggregated at Rs 6,073 crore. The total allocations for markets access initiative and interest equalisation scheme have been increased to Rs 200 crore and Rs 2,621.5 crore for 2022-23.

(PTI)