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DIPP Seeks Rs. 1600 cr from Finance Ministry
June 14, 2017
The Department of Industrial, Policy, and Promotion (DIPP) has applied for Rs. 1,600 crore from the finance ministry for funding fund-of-funds for the start-ups. According to a senior official, about Rs. 500 crore is just for the backlog, while the remaining amount is for the fund-of-funds scheme.
The central government had issued just Rs. 1 lakh for fund-of-funds in Union Budget for 2017-18, even though the announced amount for the same was Rs. 10,000 crore.
The senior official said that the fund-of-funds will be covered in two finance commission cycles, will be carry on till 2025. Thus, that makes the viable annual budget Rs. 1,100 per year.
