DPIIT recognised 7,559 startups in TN under Startup India Initiative
This information has been provided by the Union Minister of State for Commerce and Industry, Som Parkash in a written reply in the Rajya Sabha on Monday, a release from PIB Chennai here said.
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CHENNAI: The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 7,559 startups in Tamil Nadu under the Startup India Initiative, the Union government said.
This information has been provided by the Union Minister of State for Commerce and Industry, Som Parkash in a written reply in the Rajya Sabha on Monday, a release from PIB Chennai here said.
He said under the Startup India initiative, the Government is implementing three flagship Schemes, namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS) to support start-ups at various stages of their business cycle.
The minister said sustained efforts by the Government under the Startup India initiative have led to an increase in the number of Department for Promotion of Industry and Internal Trade (DPIIT) recognised startups from over 300 in 2016 to 1,17,254, as of December 31, 2023.
"Specifically for Tamil Nadu, there are a total of 7,559 DPIIT recognized startups as of 31st December 2023", he said.
According to the minister, the FFS has been established to catalyze venture capital investments and is operationalized by the Small Industries Development Bank of India (SIDBI), which provides capital to SEBI-registered Alternative Investment Funds (AIFs) who in turn invest in startups.
Stating that FFS has a corpus of Rs 10,000 crore, he said "specifically for the State of Tamil Nadu, SIDBI has committed a total sum of Rs.500 crore to six AIFs and Rs 384 crore have been disbursed to the AIFs as of December 31, 2023.
