Budget 2022: Govt allocates Rs 283.5 cr for Startup India Seed Fund Scheme
- IBEF
- February 4, 2022
In budget 2022-23 the government has allocated Rs. 283.5 crore (US$ 37.8 million) a higher than estimated amount for the Startup India Seed Fund Scheme. The Fund of Funds for Startups received a budgetary allocation of Rs 1,000 crore (US$ 133.5 million). With a corpus of Rs 10,000 crore (US$ 1.35 billion), the government has established a Fund of Funds for Startups (FFS) administered by the Small Industries Development Bank of India (SIDBI). The allocation for the Startup India initiative has been enhanced to Rs 50 crore (US$ 6.7 million) for 2022-23 from the Revised Estimate of Rs 32.83 crore (US$ 4.4 million) in 2021-22.
The Petroleum and Explosives Safety Organisation (PESO) budget has also been increased to Rs 66.16 crore (US$ 8.8 million) for the next FY. The FLADP (Footwear, Leather, and Accessories Development Program) has been given Rs 208 crore (US$ 27.8 million) for the FY 23. Similarly, the funding for national industrial corridors have been enhanced to Rs 1,500 crore (US$ 200.2 million). The Funds for Industrial Development of Backward and Remote Areas have been increased to Rs 791.4 crore (US$ 105.7 million) and the Department for Promotion of Industry and Internal Trade (DPIIT) received a total budget of Rs 8,348 crore (US$ 1.11 billion). The commerce department's budgetary allotment totalled Rs 6,073 crore (US$ 810.7 million) and the total allocations for the markets access programme and the interest equalisation scheme has been increased to Rs 200 crore (US$ 26.7 million) and Rs 2,621.5 crore (US$ 350 million), respectively.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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