In a bid to foster sustainable growth among startups, the Indian Government has put forth a proposal for a mechanism to monitor those startups that have received government funding. The Union Minister of State (Independent Charge) for Science and Technology, Jitendra Singh, disclosed this proposal during the valedictory function and awards ceremony of the National Technology Week Exposition at Pragati Maidan on Sunday, May 14.
This monitoring mechanism is designed to track the progress of funded startups, particularly those that have availed technical and financial aid from the government. Singh also highlighted that the startup ecosystem is not confined to the young or highly educated individuals, rather it welcomes anyone with an innovative spirit, including retired scientists.
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The minister further noted an upsurge of interest in greenfield sectors such as Earth Sciences and Oceanography. Similarly, Principal Scientific Advisor to the government, Ajay Kumar Sood, suggested the idea of observing a Startup Day and Week, mirroring the recently concluded National Technology Day and the ongoing National Technology Week.
S Chandrasekhar, the Secretary of the Department of Science and Technology, emphasized that all participating startups in the Exposition were highly aware of sustainable development.
As per the Department for Promotion of Industry and Internal Trade (DPIIT), the government has recognized 99,276 startups thus far, which have created over 8.4 lakh jobs. Moreover, the government’s Fund of Funds (FFS) scheme has made an investment of INR 14,077 Cr across 791 startups since 2020, with a committed INR 7,980 Cr to 99 Alternative Investment Funds (AIFs). This news is based on the article titled “Govt Setting Up Mechanism To Monitor Startups It Funds” as published on Inc42.
