Govt Body DPIIT Working On Credit Guarantee, Seed Funding, And Schemes For Startups

• Ministry of Commerce and Industry body DPIIT working on Credits Guarantee, Seed Funding, And Schemes for the Indian startups.
• The Indian government had launched the 'Startup India' initiative to bring Indian startups growth to the next level.
• The approach of DPIIT will support the early age startups to raise seed funds with ease.

Indian Ministry of Commerce and Industry body DPIIT (Department for Promotion of Industry and Internal Trade) working on giving credit guarantee, seed funding, and various schemes for the Indian startups.

The approach will support the early age startups that are seeking for governmental support. India has been the 3rd largest startup ecosystem in the world. The country is having a huge potential for growth in the startup and business industry.

Earlier this month, Minister of Commerce and Industry Piyush Goyal, said, States and Center are working hard together to make India a startup hub in the next few years. It looks like the DPIIT approach will support the statement given by Piyush Goyal.

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"We are working on a credit guarantee scheme and seed funding for the startups. Both are under inter-ministerial consultations," said, Guruprasad Mohapatra, DPIIT secretary.

Additionally, he said, That "there would be a collection in the credit schemes for startups which would be given to the banks and they will need to leverage that to provide loans to the startups and companies.

Furthermore, The government has addressed the problems faced by early age startups in funding, marketing, and governmental support. This new approach will hopefully support the startup economy.

Some top-performing states like Gujarat and Kerala already having schemes like seed funds, credit guarantee, and other various schemes to make Entrepreneur life easy in its startup.

"The central government ministries also have, but we want to put a pan in Indian Scheme" said, DPIIT secretary.

DPIIT also announced that from now they will be adopting a new method to find the best State for the Indian startups.