The government will soon set up a credit guarantee fund for start-ups with a corpus of Rs 2,000 crore with the aim to provide them with easy funding options, a top official said. With this corpus of Rs 2,000 crore in place, the start-ups would receive financial support for their ventures, which will further motivate entrepreneurship,” Ramesh Abhishek, Secretary, Department Of Industrial Policy and Promotion (DIPP), said while addressing a conference on “Start-Up India, Challenges and Sustainability”, organised by the PHD Chamber of Commerce and Industry (PHDCCI). Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
Without prescribing any time limit for the fund to come up, Abhishek said with the fund becoming operational in the near future, start-ups can look forward to financial assistance for their ventures that would be available easily. Responding to a suggestion mooted by PHD Chamber President Mahesh Gupta, seeking relaxations in existing taxes for startups, Abhishek said that the issue is being pursued by the government with various stakeholders.
Speaking on the occasion, Minister of State for Human Resource Development Mahendra Nath Pandey said that sufficient incentives should be given to those who wish to set up their venture, to promote the spirit of innovation. ALSO READ: Indian startups can now raise up to $3 million in foreign funds: RBI