CURRENT AFFAIRS

Detailed explanation-1: -Up to Rs. 20 Lakhs as grant for validation of Proof of Concept, or prototype development, or product trials.

Detailed explanation-2: -The Startup India Seed Fund Scheme (SISFS) has been approved with a corpus of Rs. 945 crore for the period of 4 years starting from 2021-22.

Detailed explanation-3: -In the Budget 2022-23, the government had allocated Rs 283.5 crore for the Startup India Seed Fund Scheme, which was higher than the Revised Estimates of about Rs 100 crore in the previous budget. The budgetary allocations for the Fund of Funds for Startups stood at Rs 1, 000 crore.

Detailed explanation-4: -It was anticipated that it would provide financing to 3600 businesses and 300 incubators. The chosen entrepreneurs will receive up to ₹5 Crores funding. Startups will be given grants of up to ₹20 Lakhs for developing concepts or demonstrations and up to ₹50 Lakhs for growing their goods or services.

Detailed explanation-5: -The funds provided to the startup under this scheme will be up to Rs 50 lakh. The incubators can apply under the startup India seed fund scheme through the official portal. After verifying their application the government will grant them the seed fund.