To boost electronics innovation, MeitY has supported over 3,600 tech startups with ₹2.12 billion in five years through initiatives like TIDE 2.0 and SAMRIDH, reports the Minister of State.
On Friday, Jitin Prasada, Minister of State for Electronic and Information Technology, highlighted that the IT Ministry (MeitY) has supported over 3,600 tech startups with ₹2.12 billion in the past five years in a written reply to the upper house of the parliament.
The Minister updated the Rajya Sabha on MeitY’s various initiatives to foster technological innovation and support startups across India. Schemes like the TIDE 2.0, SAMRIDH, NGIS, and domain-specific CoEs have supported electronics startups by providing funding, incubation, and innovation hubs, boosting development in emerging technologies and expanding industry capabilities.
The Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme was launched in 2019 with a funding allocation of about Rs 2.65 billion over five years. This scheme provides financial and technical support to higher education institutions and R&D organisations supporting information and communication technology (ICT) startups focusing on emerging technologies. To date, 51 TIDE 2.0 incubation centres have been established and operational.
Another effort is the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme. This program was introduced to support existing and new accelerators in nurturing IT-based startups that address India’s technological challenges.
SAMRIDH offers matching funding of up to INR 4 million to selected accelerators. In its first cohort, 22 accelerators from 14 states and 12 cities have been chosen to support 175 startups, including government-supported organisations, academic institutions, corporate accelerators, and investment firms.
The Next Generation Incubation Scheme (NGIS) is also operating, which aims to boost the software product ecosystem and support 300 tech startups in Tier-2 and Tier-3 cities across 12 locations with an approximate Rs 950 million budget.
Additionally, MeitY has established 42 domain-specific Centres of Excellence and theme-based incubation centres, including Entrepreneur Parks, Makers Village, and specialised centres at IIIT Patna and IIT Hyderabad, to foster innovation and advance electronic system design.
Prasada further mentioned that the government has backed over 10,000 tech startups through various schemes, disbursing approximately ₹5.8 billion through incubators and other relevant ministries and departments.
Under the Startup India initiative, the government aids the startup ecosystem with schemes like the Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Startups (CGSS).
These programs support startups at various stages to attract investments or secure loans. As of July 31, 2024, India had over 143,000 Department for Promotion of Industry and Internal Trade (DPIIT)- recognised startups.
