The Ministry of Commerce and Industry is reportedly planning to request additional funds for startups in the upcoming Budget, aimed at fostering innovation across the nation, according to an official statement.

With the new government set to unveil the Budget for 2024-25, expected in July, initiatives to bolster the startup ecosystem are anticipated to take center stage. The seed fund scheme, launched in April 2021 with a corpus of Rs 945 crore, is slated to conclude in 2025. In light of this, the ministry is contemplating proposing a new scheme on comparable lines to sustain support for emerging startups.

The move underscores the government’s commitment to nurturing entrepreneurship and driving economic growth through innovation. Increased funding allocations for startups are poised to provide a vital impetus to the burgeoning startup ecosystem, facilitating their growth and scalability.

As India positions itself as a global hub for innovation and entrepreneurship, measures aimed at catalyzing startup development are pivotal. The forthcoming Budget is expected to outline strategic initiatives aimed at further enhancing the vibrancy and competitiveness of the startup ecosystem, thereby fostering sustainable economic growth and job creation.