The Government of India has constituted an expert advisory committee to execute and monitor the Startup India Seed Fund Scheme(SISFS). The committee will be chaired by H K Mittal from the Department of Science and Technology.
- The total investment of the scheme, Rs.945 core will be divided over 4 years for providing seed fundings to eligible startups through eligible incubators across India.
Members of the committee:
The representatives of the expert committee include members from the Department for Promotion of Industry and Internal Trade (DPIIT), the department of biotechnology, science and technology, electronics and IT, Niti Aayog, and expert members from the startup ecosystem.
Responsibilities of the committee:
i.The committee is responsible for the overall execution of the SISFS.
ii.The committee will evaluate and select incubators for the allotment of the fund under the scheme.
iii.It will also monitor the progress of the scheme and take the required measures to effectively utilise the funds to achieve the objectives of SISFS.
iv.The EAC may frame the improved guidelines for the selection of incubators under the scheme from time to time
About Startup India Seed Fund Scheme (SISFS):
i.On 5th February 2021, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry approved the Startup India Seed Fund Scheme (SISFS) for a period of 4 years starting from 2021-22.
ii.This will be implemented with effect from 1st April 2021.
iii.The SISFS is aimed to support around 3600 startups across India.
To provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
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About Ministry of Commerce & Industry:
Union Minister– Piyush Goyal (Rajya Sabha – Maharashtra)
Minister of State (MoS)- Hardeep Singh Puri(Rajya Sabha – Uttar Pradesh), Som Parkash(Lok Sabha – Hoshiarpur, Punjab)