New Delhi: The union cabinet on Wednesday approved Rs 10,000 crore ‘fund of funds’ to support startups with an aim to generate employment for almost 18 lakh individuals.
“The fund is aimed at generating employment for 18 lakh persons on complete deployment. A corpus of Rs 10,000 crore could potentially be nucleus for catalyzing Rs 60,000 crore of equity investment and twice as much debt investment,” said an official statement.
Other highlights:
- The decision was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
- The step is in line with the ‘Startup India’ initiative taken by the government in January last.