An Action Plan for Startup India to build a strong eco-system to nurture innovation and Startups in the country was launched on 16th January 2016. Salient features of the scheme are as follow:
i. Simplification and Handholding
a. Funding support and Incentives
b. Industry-Academia Partnership and Incubation
ii. Credit Guarantee Fund
The initiative provides for creating a credit guarantee fund for startups through National Guarantee Trust Company (NCGTC)/SIDBI with a Corpus of Rs.500 crore per year for the next four years.
With this Action Plan the Government hopes to accelerate spreading of the startup movement:
From digital/technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc; and
From existing tier 1 cities to tier 2 and tier 3 cities including semi-urban and rural areas.
The Action Plan envisages setting up of 7 New Research Parks modeled on the Research Park at IIT Madras at IITs in Guwahati, Hyderabad, Kanpur, Kharagpur, Bangalore, Gandhinagar and Delhi and setting-up/scaling-up of 18 Technology Business Incubators (TBI) at NITs/IITs/IIMs etc. as per the funding model of DST.
This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.