The mechanism will examine how these startups can be sustained, particularly those that have received technical and financial assistance from the government.
There is a rising interest in doing businesses in greenfield sectors such as Earth Sciences and Oceanography: Ministry of Science and Technology Since 2020, Jitendra Singh’s Fund of Funds (FFS) plan has invested INR 14,077 crore in 791 companies.
According to Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, the government has suggested a method to watch over and foster the development of startups that receive money from the exchequer.
The National Technology Week Exposition’s closing ceremony and awards presentation were being held at Pragati Maidan on Sunday, May 14. Singh was speaking at the event.
The minister for science and technology stated that the mechanism would closely monitor the development of startups and determine how they could be maintained, particularly those that had received government technical and financial assistance.
In dispelling a few startup misconceptions, Singh said that people frequently believe that a startup founder must be in their early 20s and have exceptional educational credentials. He went on to say that he had witnessed a scientist set up a firm after retiring. In response to the myth regarding schooling, he stated that all that is required for a business is to be an inventor.
Singh also stated that there has been a rise in interest in conducting startups in greenfield industries such as Earth Sciences and Oceanography.
At the same event, Ajay Kumar Sood, the government’s Principal Scientific Advisor, proposed a Startup Day and Week, comparable to the just finished National Technology Day and the continuing National Technology Week.
S Chandrasekhar, Secretary of the Department of Science and Technology, stated that every startup that participated in the Exposition was concerned with long-term development.
On May 11, National Technology Day is observed to remember the Pokhran-II nuclear tests, which India conducted in 1998 and in which a thermonuclear bomb was successfully detonated. The week after the day is designated as National Technology Week.
Atal Bihari Vajpayee, who was the prime minister at the time, established the celebration in 1999 to recognise Indian scientists, engineers, and technologists.
It is wise to note right now that the government has recognised 99,276 startups to date through the Department for Promotion of Industry and Internal Trade (DPIIT). According to earlier data from DPIIT, these startups have created more than 8.4 lakh jobs.
Through a number of its programs, the Centre has also made investments in start-ups. Government statistics show that since 2020, the Fund of Funds (FFS) initiative has funded INR 14,077 Cr across 791 businesses. Additionally, the government has given 99 Alternative Investment Funds (AIFs) a commitment of INR 7,980 Cr.