The Ministry of Science and Technology has made a commitment of Rs 500 crore towards Prime Minister Narendra Modi's vision of Startup India. Speaking to presspersons in New Delhi, science and technology minister Harsh Vardhan said that they were stepping up the number of incubators.
“Hundred incubators were established in 30 years; we now plan to establish the next 100 over three years. The government had earlier set up The National Initiative for Development and Harnessing Innovations (NIDHI) for nurturing ideas and innovations into successful startups. Funds for every stage of the innovation incubation has been increased substantially from a previous allocation of Rs 40 crore to Rs 180 crore.
“We're trying to ensure that there is no weak link in any of the steps,'' said S&T Secretary Ashutosh Sharma. Primarily, this means that budget allocations have been increased at every stage. For instance, said the minister, applicants will also be eligible for an “entrepreneur in residence'' monthly stipend while his business is being incubated, so that the financial pressures of home are taken care to an extent.
The government is also identifying centres across academic institutions in the country as centres of excellence for incubation, in order to encourage the startup initiatives.
So in effect, if an out of college person decides to incubate his venture at an institute, the government can spend upto Rs one crore on him across various stages of his initiative. In addition, he can be given another Rs three to five crore through venture investment firms that the government has tied up with.
The ministry has also allocated a sum of Rs eight crore for making students aware of the NIDHI scheme in colleges and other places.