The government of India is to increase its backing of startups in the next fiscal year as part of its Start-Up India initiative, according to the Economic Times.
Ashutosh Sharma, secretary of the department of science and technology for India, said that in the 2016-17 financial year the government will increase its funding of startups from Rs400m ($6m) to Rs2bn ($30m).
The government aims to back between 50 and 80 new ventures, investing between Rs5m and Rs10m in each one.
In November 2015, we reported on how the government of India had created a multi-department working group with the aim of making it easier for startups to do business. This working group was also part of the Start-Up India program.
Additionally, the government has also revealed plans to set up incubators and has allocated Rs100m to that goal.
Sharma said: “Funding has always been a problem for startups. With the seed money, the startups can approach venture capitalists or other funding agencies.”