5-fold hike in govt budget for funding startups
The government announced a five-fold increase in its budget for funding startups in the next fiscal, under the 'Start-Up India' initiative. In the 2016-17 financial year, it will provide seed capital to 50-80 new ventures with funding ranging from ₹50 lakh to ₹1 crore. The government has also increased the overall funding for startups from ₹40 crore to ₹200 crore. 