Coimbatore: The Small Industries Development Bank of India (SIDBI) has approved Rs 600 crore under the India Aspiration Fund so far, said the joint secretary and chief vigilance officer, department of industrial policy and promotion, ministry of commerce and industry, Shailendra Singh on Sunday.
Singh, along with the Union minister of state for commerce and industry, Nirmala Sitharaman participated in the Startup India session held at the Codissia Trade Fair complex here.
The Centre launched the Startup India initiative last month, and Prime Minister Narendra Modi announced the India Aspiration Fund, comprising Rs 2,000 crore, to provide capital support to startups.
"Around Rs 600 crore has been approved by SIDBI, and the amount will be released soon. Besides looking for venture capitalists, startups can apply for funds from the India Aspiration Fund," said Singh.
He also pointed out that the ministry of commerce is also going to introduce a mobile application and a web portal that will facilitate one time registration of startups, and the details of the company will be shared with all necessary departments.
After the launch of Startup India in New Delhi last month, this was the second session that was held in the city. Minister of commerce and industry Nirmala Sitharaman along with the BJP state president Tamilisai Soundararajan and vice-president Vanathi Srinivasan took part in the interactive session.
Sitharaman, who was on a three-day visit to Tamil Nadu, said, "I am a little disappointed with the fact that there are only 8% women entrepreneurs who are running startups in India. This has to rise to 30% at least."
Pointing out the speech of the inventor of low cost sanitary napkins, Arunachalam Muruganantham, the minister said, "I believe that women have an uncanny nature of identifying problems. And, I urge the women of Coimbatore to identify social problems and find solutions for them."
The minister also said that Coimbatore has the potential of becoming the startup capital of the country. "Coimbatore is an industrial city, and it has the right atmosphere and environment that suits entrepreneurs. With some push and energy from the government, I believe that the city can become the startup capital of the nation," she said.
Singh, along with the Union minister of state for commerce and industry, Nirmala Sitharaman participated in the Startup India session held at the Codissia Trade Fair complex here.
The Centre launched the Startup India initiative last month, and Prime Minister Narendra Modi announced the India Aspiration Fund, comprising Rs 2,000 crore, to provide capital support to startups.
"Around Rs 600 crore has been approved by SIDBI, and the amount will be released soon. Besides looking for venture capitalists, startups can apply for funds from the India Aspiration Fund," said Singh.
He also pointed out that the ministry of commerce is also going to introduce a mobile application and a web portal that will facilitate one time registration of startups, and the details of the company will be shared with all necessary departments.
After the launch of Startup India in New Delhi last month, this was the second session that was held in the city. Minister of commerce and industry Nirmala Sitharaman along with the BJP state president Tamilisai Soundararajan and vice-president Vanathi Srinivasan took part in the interactive session.
Sitharaman, who was on a three-day visit to Tamil Nadu, said, "I am a little disappointed with the fact that there are only 8% women entrepreneurs who are running startups in India. This has to rise to 30% at least."
Pointing out the speech of the inventor of low cost sanitary napkins, Arunachalam Muruganantham, the minister said, "I believe that women have an uncanny nature of identifying problems. And, I urge the women of Coimbatore to identify social problems and find solutions for them."
The minister also said that Coimbatore has the potential of becoming the startup capital of the country. "Coimbatore is an industrial city, and it has the right atmosphere and environment that suits entrepreneurs. With some push and energy from the government, I believe that the city can become the startup capital of the nation," she said.