Government allocates ₹830cr for start-ups

The government of India has allocated ₹830cr for the Start-ups in the budget 2021-22, which is higher than the revised estimate ₹430 cr. The allocation of the fund of funds in budget 20-21 was ₹1,057cr, but it was revised to ₹429cr.

According to the documents of budget, the allocation for Startup India programme has been increased to ₹20cr for 2021-22. Startup India initiative aims at fostering entrepreneurship and promoting innovation by creating an environment that is favourable for growth of entrepreneurs.

The cumulative allocation for the Department for promotion of Industry and Internal Trade (DPIIT) & Department of Commerce has been increased marginally.

The total allocations for export promotion schemes, such as Market Access initiative and Internet Equalization Scheme has been increased. Finance Minister of India has proposed a welcome move for the Indian Startups and MSMEs, as well as an update to the definition of small companies under Companies Act, 2013.