Rs 2,000 Crore credit Guarantee Fund for Start-ups likely to start in India

With Rs. 2000 crore credit guarantee fund, start-ups will receive financial assistance for their ventures

Picture of a man and a wall with a bulb. Wikimedia

New Delhi, Oct 15, 2016: 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 here on Saturday.

“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).

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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.

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Responding to a suggestion mooted by PHD Chamber President Mahesh Gupta, seeking relaxations in existing taxes for start-ups, Abhishek said that the issue is being pursued by the government with various stakeholders.

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Speaking on the occasion, Minister of State for Human Resource Development Mahendra Nath Pandey said the sufficient incentives should be given to those who wish to set up their venture, to promote the spirit of innovation. (IANS)