It hasn’t been quite a long time when prime minister Mr. Modi launched Startup India initiative. The government is still going strong about it and has decided to make another ambitious move. It has decided to increase the budget allocated to startup sector from Rs. 10 lakhs to 1 crore. Well, isn't that a good news?
As per this move, a grant of Rs. 30,000 will be provided to the budding startups for a period of 3 years by Department of science & technology. The government is trying to boost the development of the startups and has planned to invest Rs. 500 crores in the coming few years as told by Dr. Harsh Vardhan, Union Minister for Science & Technology and Earth Sciences. The scheme has 8 components each of which supports a different stage of the startup.
It's first component called PRAYAS (Promoting and Accelerating Young and Aspiring Innovators & Startups) has already been launched and is aimed at supporting the startup founders in building a prototype of their product. Apart from this, the founders will also have access to a Fab Lab (Fabrication Laboratory). You can check out the details here.
The Seed Support System or SSS is the final component under which a startup can get upto Rs. 1 crore. The Technology Business Incubators is implementing this component. The National Expert Advisory Committee has already passed the proposal for setting up 6 centers of excellence. These include SINE-IIT Bombay,CIIE-IIM Ahmedabad, Venture Center NCL Pune, and IIT Gandhinagar.