India’s commerce and industry ministry may seek additional startup funding in the budget, which is slated for 10-12 July, The Economic Times reported, citing an unidentified official.
The ministry may introduce a seed fund scheme based on the ₹945 crore initiative that was launched in April 2021. The existing seed fund scheme, which provided financial aid for proof of concept, prototype development, product trials and commercialization, will conclude in 2025.
The earlier fund was to be disbursed over four years through incubators across the country.
India has more than 117,000 government-registered startups in the country.
The government may propose a dedicated policy for deep tech startups, which have the potential to solve some of India’s most pressing issues, the report added.
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