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Consider the following statements regarding Startup India Seed Fund Scheme (SISFS):
  1. Financial assistance to startups for prototype development and product trials will be provided under the scheme.
  2. Department for Promotion of Industry and Internal Trade (DPIIT) is the nodal department for implementing the scheme.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Startup India Seed Fund Sc...
The Department for Promotion of Industry and Internal Trade (DPIIT) is undertaking a third-party assessment of the Rs 945-crore Startup India Seed Fund Scheme to see its impact on the ground.
About Startup India Seed Fund Scheme (SISFS):
  • It is a flagship scheme launched in April 2021 under the Startup India initiative.
  • Aim: Financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization.
  • It is implemented with effect from 1st April 2021 for the period of 4 years with a corpus of Rs.945 crores.
  • Nodal Department: Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry.
  • Funding:
  • An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the SISFS.
  • The EAC will select eligible incubators who will be provided grants of upto Rs 5 Crores each.
  • In turn, the selected incubators will provide startups with up to Rs 20 lakhs for validation of Proof of Concept, prototype development, and product trials to startups.
  • Eligibility criteria for Startups:
  • A startup recognized by DPIIT incorporated not more than 2 years ago at the time of application.
  • The startup must have a business idea to develop a product or a service with a market fit, viable commercialization, and scope of scaling.
  • The startup should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted.
  • Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme. 
  • Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.
Hence both statements are correct.
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Consider the following statements regarding Startup India Seed Fund Sc...
Startup India Seed Fund Scheme (SISFS):

The Startup India Seed Fund Scheme (SISFS) is a government initiative aimed at providing financial assistance to startups for prototype development and product trials. It is an important scheme for promoting entrepreneurship and innovation in the country.

Statement 1: Financial assistance to startups for prototype development and product trials will be provided under the scheme.

This statement is correct. The Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups for prototype development and product trials. Startups often face challenges in raising funds for these initial stages of product development, and this scheme aims to address that gap by providing support and funding. This financial assistance can help startups in turning their ideas into tangible prototypes and conducting trials to test their products.

Statement 2: Department for Promotion of Industry and Internal Trade (DPIIT) is the nodal department for implementing the scheme.

This statement is also correct. The Department for Promotion of Industry and Internal Trade (DPIIT) is the nodal department responsible for implementing the Startup India Seed Fund Scheme (SISFS). DPIIT is a government department under the Ministry of Commerce and Industry, and it plays a crucial role in promoting industrial development, investment, and entrepreneurship in the country. As the nodal department for this scheme, DPIIT oversees the implementation, disbursement of funds, and monitoring of the scheme's progress.

Conclusion:

Both statements 1 and 2 are correct. The Startup India Seed Fund Scheme (SISFS) provides financial assistance to startups for prototype development and product trials, and the Department for Promotion of Industry and Internal Trade (DPIIT) is the nodal department responsible for implementing the scheme. This scheme aims to support and promote the growth of startups in India, fostering innovation and entrepreneurship in the country.
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Consider the following statements regarding Startup India Seed Fund Scheme (SISFS): Financial assistance to startups for prototype development and product trials will be provided under the scheme. Department for Promotion of Industry and Internal Trade (DPIIT) is the nodal department for implementing the scheme.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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