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Last updated: 23 Jul, 2021  

Manufacturing.9.Thmb.jpg Taking steps to uplift startups, manufacturing

Manufacturing.9.jpg
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SME Times News Bureau | 23 Jul, 2021

The government has taken several steps to uplift the startups and promote ‘vocal for local’ campaign and e-commerce, said Minister of State in the Ministry of Commerce and Industry, Som Parkash, in a written reply in the Rajya Sabha on Friday.

Government has taken up Fund of Funds for Startups (FFS) Scheme and Startup India Seed Fund Scheme (SISFS) to uplift the startups in the country, said the minister.
The objectives of Fund of Funds scheme include accelerating innovation driven entrepreneurship and business creation, mobilizing larger equity- like resources for startups, he added.

The SISFS aims to provide financial assistance to startups for proof of concept, prototype development, product trails, market entry and commercialization, the minister said.
Government of India has extended relaxations on prior experience, prior turnover and earnest money deposit as per the provisions of GFR to ease public procurement from startups, he added.

He also said that  Startup Runway is developed by GeM in collaboration with DPIIT, which is a unique initiative for promoting entrepreneurship through innovation.

It has been developed as a dedicated platform for startups to list their products and services for government procurement with relaxed procurement norms and regulations, he said.

 
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