The Indian government has selected 22 accelerators to aid 175 startups in the country through its Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme. The scheme, initiated by the Ministry of Electronics and Information Technology (MeitY), aims to accelerate approximately 300 startups, with each cohort consisting of 5-10 startups, leveraging both existing and upcoming accelerators.
Diverse Selection of Accelerators Identified
Under the SAMRIDH scheme, 22 accelerators have been identified, including IIM-Calcutta Innovation Park, Let’sVenture Foundation, and T-Hub Foundation. MeitY Start-up Hub (MSH) is implementing the flagship initiative of the Ministry of Electronics and Information Technology (MeitY), which launch in August 2021. The primary objective of this initiative is to support startups by providing funding and mentorship, creating a conducive environment for their growth.
Funding Utilization and Scheme Management Committee (SMC)
Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, disclosed in a written reply in the Lok Sabha that they have utilized INR 2.25 crore out of the total INR 6 crore earmarked for the administrative cost of accelerators under the SAMRIDH scheme. The scheme allocates INR 2 lakh for each startup. Industry experts formed a Scheme Management Committee (SMC) to oversee the scheme’s implementation. Prominent figures like TV Mohandas Pai from Aarin Capital, Debjani Ghosh from NASSCOM, Sharad Sharma from iSPIRT, Anand Unnikrishnan from the fund of funds of National Investment and Infrastructure Funds, and Apoorv Ranjan Sharma from Venture Catalysts are part of the SMC.
Rising Number of DPIIT-Recognized Startups
The minister informed the Parliament that, as of April, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized a total of 98,119 startups in the country. This highlights the increasing importance of India’s startup ecosystem and the government’s efforts to support and nurture startups.
SAMRIDH Scheme Complements Government’s Initiatives for Startup Growth
The Indian government undertakes the SAMRIDH program as one of several initiatives to bolster the growth of homegrown startups and create an environment conducive to innovation. Alongside schemes like Startup India and the Fund of Funds for Startups (FFS) Scheme, the government aims to revitalize the local startup economy, which has faced challenges due to funding constraints and adverse market conditions. The government’s proactive support and initiatives expects to pave the way for renewed growth and success in the Indian startup ecosystem.
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