The Small Industries Development Bank of India (SIDBI) has approved Rs 600 crore under the India Aspiration Fund so far, said the Joint Secretary and Chief Vigilance Officer, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Shailendra Singh on February 21
Singh participated in the Startup India session held at the Codissia Trade Fair complex.
The Centre launched the Startup India initiative last month, and Prime Minister Narendra Modi announced the India Aspiration Fund, comprising Rs 2,000 crore, to provide capital support to startups.
“Around Rs 600 crore has been approved by SIDBI, and the amount will be released soon. Besides looking for venture capitalists, startups can apply for funds from the India Aspiration Fund,” said Singh.
He also pointed out that the Ministry of Commerce is also going to introduce a mobile application and a web portal that will facilitate one time registration of startups, and the details of the company will be shared with all necessary departments.
