24-Mar-2023: FIDF to provide concessional finance to various Eligible Entities (EEs)
The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying has set up Fisheries and Aquaculture Infrastructure Development Fund (FIDF) in the year 2018-19 with a total fund size of Rs 7522.48 crore. FIDF inter-alia provides concessional finance to various Eligible Entities (EEs), including State Governments/Union Territories and State entities for development of identified fisheries infrastructure facilities through Nodal Loaning Entities (NLEs). Under the FIDF, the Department of Fisheries provides interest subvention up to 3% per annum for providing the concessional finance by the NLEs at the interest rate not lower than 5% per annum.
The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying has so far accorded approvals to a total of 121 proposals of various End Implementing Agencies including State Governments/UTs at a total cost of Rs. 5588.63 crore with project cost restricted for interest subvention of Rs. 3738.19 crore for development of fisheries infrastructures. The overall fisheries production in the country reached at 162.48 lakh tonne in 2021-22 from 102.60 lakh tonne in 2014-15.
2-Mar-2023: Union Ministry of Health & Family Welfare Conducts Seminar on Pandemic Fund
Union Ministry of Health & Family Welfare organised a seminar in collaboration with The Pandemic Fund at Nirman Bhawan, New Delhi. The orientation seminar focussed on the functioning of the Pandemic Fund and its recently announced First Call for Proposals. Further, discussions were also held to explore potential role of Indian health organisations as Implementing Entities of the Pandemic Fund.
The seminar highlighted the need for global health cooperation and sharing of knowledge and resources, especially for LMICs. Key officials from Indian health organizations discussed their capacity in disease surveillance and Pandemic PPR and showcased their Global Health cooperation efforts. The seminar also introduced The Pandemic Fund and its priority areas, including the need for a Global Medical Countermeasures Coordination Platform. Attendees were given a demo of India's Integrated Health Information Platform, a web-enabled real-time electronic health information and surveillance for managing disease outbreaks and related resources and a tour of the Health Emergency Operations Centre & Public Health Observatory.
The seminar ended with encouraging discussions and consensus on potential areas and opportunities for collaboration between Indian Health organisations and the Pandemic Fund.
Launched during the Indonesian G20 Presidency, the Pandemic Fund is a collaborative partnership among donor countries, co-investors (countries eligible to receive funding), foundations and civil society organizations that finances critical investments to strengthen pandemic prevention, preparedness, and response (PPR) capacities with focus on low- and middle-income (LMIC) countries.
6-Feb-2023: Ministry of Commerce and Industry approves Rs. 477.25 crore for SISFS
Ministry of Commerce and Industry has approved Rs. 477.25 crore under the Startup India Seed Fund Scheme (SISFS), which is a flagship Scheme under Startup India Initiative.
Startup India Initiative
- Building a robust Start-up ecosystem in the country
- Providing opportunities to budding entrepreneurs
- Unveiled an Action Plan of 19 Action Points by the Prime Minister in January, 2016
- Laid down a roadmap for the creation of a conducive ecosystem for Startups in India
Flagship Schemes
- Fund of Funds for Startups (FFS)
- Startup India Seed Fund Scheme (SISFS)
- Credit Guarantee Scheme for Startups (CGSS)
SISFS
- Announced at Startup India International Summit on 16th January 2021
- Outlay of Rs. 945 Crore for 4 years starting from 2021-22
- Provides financial assistance to startups for Proof of Concept, prototype development, product trials, market entry, and commercialization
- Experts Advisory Committee (EAC) responsible for overall execution and monitoring
- EAC to evaluate and select incubators for allotment of Seed Funds, monitor progress, and take all necessary measures for efficient utilization of funds towards fulfilment of objectives of SISFS.
Eligibility:
- Recognized by DPIIT
- Incorporated not more than 2 years ago
- Not received more than Rs. 10 lakhs of monetary support from the government
- Preference to startups in sectors such as:
- Social impact
- Waste management
- Water management
- Financial inclusion
- Education
- Agriculture
- Food processing
- Biotechnology
- Healthcare
- Energy
- Mobility
- Defence
- Space
- Railways
- Oil and gas
- Textiles
Grants and Support:
- 3,600 entrepreneurs will be supported through 300 incubators in the next 4 years
- Grants of up to Rs. 5 crores to eligible incubators selected by the committee
- Selected incubators will be provided with grants of up to Rs. 20 lakhs for:
- Validation of proof of concept
- Prototype development
- Product trials for startups
- Investments of up to Rs. 50 lakhs to startups for:
- Market entry
- Commercialization
- Scaling up through convertible debentures or debt-linked instruments
Need for Seed Fund:
- Easy availability of capital is essential for early-stage entrepreneurs
- Indian startup ecosystem suffers from capital inadequacy in seed and 'Proof of Concept' development stage
- Capital required at this stage often presents a make-or-break situation for startups
- Many innovative business ideas fail to take off due to the absence of critical capital
- Seed Fund can have a multiplier effect in validation of business ideas of many startups, leading to employment generation.