Prime Minister Mr. Narendra Modi, has contributed Rs. 7,385 crore (US$ 904.73 million) to 88 Alternative Investment Funds (AIFs) under the Startup India programme - The Fund of Funds for Startups (FFS) , which was established by him in 2016. In turn, these AIFs contributed Rs. 11,206 crore (US$ 1.37 billion) to 720 startups.
FFS was announced with a Rs. 10,000 crore (US$ 1.22 billion) corpus. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, will provide budgetary assistance for the corpus' development for the course of the 14th and 15th Finance Commission Cycles (FY 2016-2020 and FY 2021-2025).
Continue Reading on: https://www.ibef.org/news/government-commits-rs-7-385-crore-us-904-73-million-under-fund-of-funds-for-startup-india-investment-for-88-alternative-investment-funds-aifs-720-startups-supported-by-aifs