CURRENT AFFAIRS

Detailed explanation-1: -Under its Innovate Karnataka initiative, the State Government would be providing financial support equivalent to Rs 300 crore in the form of grant/equity through its various funds to startups; micro and small enterprises in IT, BT, and other manufacturing sectors in the next four years.

Detailed explanation-2: -The Startup India Seed Fund Scheme and the Startup India initiative are two of the biggest government schemes for startups in India. Other schemes include the Pradhan Mantri Mudhra Yojna, Standup India Scheme, and Venture Capital Assistance Scheme.

Detailed explanation-3: -The Elevate-Idea2PoC scheme was launched by the Department of Electronics, IT, Bt and S&T, Government of Karnataka to identify and nurture innovative startups and to provide them the necessary boost at various stages through funding or mentoring.

Detailed explanation-4: -Pradhan Mantri Mudra Yojana PM Modi launched Pradhan Mantri Mudra Yojana, wherein Micro Units Development and Refinance Agency Bank or MUDRA Banks provide loans at low rates to micro-finance institutions and non-banking financial institutions, who in turn provide low-interest loans to startups and MSMEs.

Detailed explanation-5: -The government of India introduced the Startup India Seed Fund Scheme on January 16, 2021, for relatively early-stage enterprises. The Indian government allotted a total budget of ₹945 Crores. It was anticipated that it would provide financing to 3600 businesses and 300 incubators.