Ministry of: Commerce And Industry
Department of: Industrial Policy & Promotion
UNSTARRED QUESTION NO 1129
TO BE ANSWERED ON 04.05.2016
Status of Rupees 10,000 crore Fund of Funds for start ups
1129. Shri Rajeev Chandrasekhar
Will the Minister of COMMERCE AND INDUSTRY be pleased to state:-
(a) the status of the Self-certification Compliance Regime and the Credit Guarantee fund for start-ups and when they are expected to be implemented;
(b) the details of the relaxation of public procurement norms for start-ups and the time-line for the implementation thereof; and
(c) the status of the Rupees 10,000 crore Fund of Funds and the details of the funding support provided to start-ups if it has been established?
THE MINISTER OF STATE (INDEPENDENT CHARGE)
OF THE MINISTRY OF COMMERCE & INDUSTRY
(SHRIMATI NIRMALA SITHARAMAN)
(a): Ministry of Labour and Employment has issued an advisory on the self-certification Compliance with Labour Laws and the Credit Guarantee Scheme for Start-ups is being drafted in consultation with National Credit Guarantee Trust Company Ltd. (NCGTC). Discussions are also being held with various debt providers, venture funds, debt funds and bankers.
(b): The Ministry of Micro, Small and Medium Enterprises has issued an advisory to all Central Ministries/Departments and CPSUs to relax conditions of prior turnover and prior experience with respect of micro and small enterprises in all public procurements vide. Circular No. 1(2) (1)2016-MA dt 10/03/2016.
(c): Government has released an amount of Rs. 500 crore in March 2016 and an amount of Rs.600 crore has been provided in the current year’s budget. Operational guidelines for the Fund of Funds for Startups (FFS) are under preparation.