Stating that India's funding scheme for startups is robust and doing well, DPIIT's Joint Secretary Manmeet Nanda has said the government doesn't foresee any issue for Indian startups and their financial requirements as no issues or worries have been reported by start-ups.
Nanda told CNBC-TV18 that it was encouraging to witness participation by many countries at the Shanghai Cooperation Organisation (SCO) Startup Forum 2023, adding that India has a lot to offer to SCO startup forum members while such interactions and startup engagement groups provide an opportunity to global investors to take part in the Indian start-up ecosystem.
Pointing to a 40 percent growth in DPIIT-registered startups from 2016 with IT, healthcare and life sciences as the leading areas, she said that Maharashtra, Karnataka, Delhi, Uttar Pradesh and Gujarat are the leading states which have witnessed a growth in the number of start-ups.
Revealing that there is no fall in startup funding and no complaints on access to credit, she said that start-up summits are slated to be held in Goa in June and Gurgaon in July. The Indian Banks' Association has also assured of regular outreach to start-ups and is conducting intensive workshops across states while designated banks for startups are engaging in an outreach to fulfil their financial requirements.
The startup India seed fund has approved Rs 590 crore for incubators and has selected 953 startups, 55 percent of which belong to Tier 2 and 3 cities. While funding as per the fund of funds scheme for emerging start-ups has committed Rs 8,294 crores, the credit guarantee scheme operationalised from April 1 has already boarded 18 financial institutions and loan sanctioning has begun for 6 start-ups.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha elections phase 4 witnesses around 63% voter turnout, experts weigh in on key contests
May 14, 2024 12:06 AM
Lok Sabha Election 2024: Shiv Sena UBT’s Arvind Sawant highlights Uddhav Thackeray's vision for Mumbai’s progress
May 13, 2024 9:21 PM
Exclusive interview: 'Southern states will be a big surprise,' says PM Modi
May 13, 2024 9:05 PM
PM Modi's Patna visit: Cooking roti, serving langar, roadshow, and more
May 13, 2024 5:13 PM