Nod for Rs.10,000 cr start-up fund

June 22, 2016 11:53 pm | Updated October 18, 2016 02:07 pm IST - NEW DELHI:

The Cabinet approved the setting up of a Rs.10,000 crore fund to support start-ups in becoming full fledged business entities.

The fund is expected to generate employment for 18 lakh persons.

The approval will pave the way for setting up “Fund of Funds for Startups” at the Small Industries Development Bank of India for contributions to various Alternative Investment Funds registered with the Securities and Exchange Board of India, according to an official statement. This is in line with the Start-up India Action Plan of the government unveiled this year .

The Rs.10,000 crore-corpus will be built up over the 14th and 15th Finance Commission cycles subject to progress of the scheme and availability of funds, it said. Already Rs.500 crore has been provided.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.