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Rs 1,000 crore Startup India Seed Fund to go live from April

Startups in India will be able to avail financial assistance under the Rs 1,000 crore Startup India Seed Fund starting from April 1, 2021, the Commerce Minister of State Som Prakash informed Rajya Sabha last week. The scheme, announced by Prime Minister Narendra Modi in January, aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation. Rs 945 crore will be divided over the next four years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support about 3600 startups, Prakash said. He was responding to questions raised by YSRCP’s Venkataramana Rao Mopidevi. Measures for startups in the Union Budget 2022 Following are some of the measures announced in this year’s Budget by Finance Minister Nirmala Sitharaman to aid startups in the country: Production Linked Incentives: Government has earmarked Rs 1.97 lakh crore towards incentives to boost manufacturing in 13 sectors. Textiles: 7 mega investment textile parks will be established over 3 years. Fintech: Develop a fintech hub at the International Financial Services Centre in Gift City, Gujarat. Insurance: Increase the foreign direct investment limit to 74% from 49% in insurance companies. Small companies: Revised the definition under Companies Act of 2013, with paid-up capital requirement set at less than Rs 50 lakh and turnover less than Rs 2 crore. One-Person-Companies: Allowing incorporation of OPCs without a restriction on paid-up capital and turnover, allowing conversion to any other type of company, reducing residency limit…

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