There has been a tremendous rise in the number of Angel Investors and Venture Capital firms investing into and funding start-ups in India. Adequate roles have also been divided among the Central and State governments respectively for the establishment of new technology business incubators and research parks with regard to the percentage of funding they will respectively provide to incubators, i.e. 40% by the Central government (subject to maximum of INR 10 Crores / 100 Million), 40% by the State governments and 20% by the private sector.
The Human Resource Development Ministry and the Department of Science and Technology have agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and NIPERs or National Institutes of Pharmaceutical Education and Research.
Another crucial piece of information in this regard would be that setting up of these incubators shall be provided for by ‘NITI AYOG’ as a part of the ‘Atal Innovation Mission’.
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