Govt to invest Rs200 crore to scale up existing incubators

New Delhi: The Government of India plans to identify 10 incubators out of 200 incubation centres and scale them up 10 times with a total investment of Rs 200 crore (US$ 29.8 million), as per Chief Executive Officer (CEO) of National Institution for Transforming India (NITI Aayog), while speaking at the Start-up India states conference. The Government has received 120 applications for top 10 incubations. Post selection of the 10 incubations, the government plans to provide Rs 20 crore (US$ 2.98 million) each. Besides, the government also plans to provide Rs 200,000 (US$ 0.298 million) to support the existing tinkering labs. In terms of increasing the number of incubation centres, the governemnt will setup 100 more centres, from among the 3,000 applications received. The government has also planned a grand challenge contest, which will seek to invite solutions to problems of India such as slow speed of building infrastructe, helping farmers identify best crop to take, sewage problems and water shortages.

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