An expert’s advisory committee has been formed by the government that will execute and monitor Startup India Seed Fund Scheme (SISFS).
Department for Promotion of Industry and Internal Trade (DPIIT) has elaborated that the committee will evaluate and select incubators for allotment of funds under the scheme, monitor progress and take all necessary measures for efficient utilisation of funds towards fulfilment of objectives of the scheme.
The committee, would be chaired by H K Mittal from the Department of Science and Technology. The other representatives would include members from DPIIT, department of biotechnology, science and technology, electronics and IT, Niti Aayog, and expert members from startup ecosystem.
SISFS has been approved for the period of next four years starting from 2021-22. It will be implemented with effect from 1st April, 2021.
Fund of Rs 945 crore will be divided over the next four years for providing seed funding to eligible startups through eligible incubators across India. The scheme is expected to support about 3,600 startups.