FFS – Indian Government’s Initiative to Promote Indian Startups
The Department of Industrial Policy and Promotion – DIPP has disbursed ₹517.92 crores under the Fund of Funds for Startups – FFS, to more than 100 Indian startups. This initiative has been taken to boost entrepreneurship in the country.
CR Chaudhary, Minister of State for Commerce and Industry, said, “109 startups have received funding under FFS with a catalyzed investment of ₹517.92 crores”. ₹500 crores had been released to SIDBI in FY2016 and ₹100 crores in FY2017.
According to the DIPP reports, 6,096 out of the total applications received, have been recognized as a startup. More than 74 startups have been approved for availing tax benefit by IMB, as of January 2018.
Fund of Funds for Startups (FFS) has a corpus of ₹10,000 crores to provide fund support for growth and development of innovation-driven startups.
Indian Startup Ecosystem – Potential & Opportunities
An innovation economy is bound to create more jobs in the market.
Experts say that these startups will have the potential to create around 3,00,000 employment opportunities in the next few years.
Indian Startup Ecosystem – Status & Government Efforts
Despite the Startup India Scheme, entrepreneurs have been facing challenges to get recognition for their business, to get funding, and claim tax benefits. The Indian government is moving towards eliminating all bottlenecks and improve the state of running a business in the country.
The government has taken some initiatives to provide these startups with a single platform to have their queries resolved.
- National Portal of India gives access to information and services provided by Indian Government entities to startups.
- Startup India Online Hub is where the stakeholders of the entrepreneurial ecosystem can connect with one another.
- eBiz is a portal that will help Indian startups to get hassle-free approvals and licenses.
With the number of initiatives being taken by the Indian government and their scope, Indian startups truly have the potential to pull up India’s position in the global market.
For more startup news and updates, click here.