Summary:

The Ministry of Commerce and Industry will allocate a significant portion of the second Rs. 10,000 crore (US$ 1.16 billion) Fund of Funds Scheme (FFS) to support entrepreneurs, particularly in newage technology, artificial intelligence, and machine manufacturing. The FFS, announced in the latest Budget, aims to foster innovation and assist entrepreneurs in emerging industries, building on the venture capital investment initiative launched in 2016.

The 2016 scheme, managed by SIDBI, provided funds to SEBI-registered AIFs, which invested in startups. SIDBI is also expected to manage the second FFS. The government's Startup India program, launched on January 16, 2016, seeks to promote innovation and support businesses. Over 1,50,000 firms across more than 55 industries have been recognized as startups, qualifying for government tax and non-tax incentives.

Source: IBEF

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