Startup India fund falls short of allocation target by over Rs 1,000 crore

  1. The Startup India fund has fallen short of its capital allocation target by around Rs 1,000-1,200 crore.
  2. The Startup India fund which was launched in 2016 had a disbursal target of Rs 3,300-3,500 crore to venture capital(VC) firms at the end of the financial year ending March 2019.
  3. However,the Startup India fund has allocated Rs 2,265 crore to VC funds at the end of March 2019.
  4. Startup India is a flagship initiative of the government launched in 2016.It is intended to build a strong eco-system for nurturing innovation and Startups in the country to drive sustainable economic growth and generate large scale employment opportunities.
  5. In the previous government,startups were identified as a critical part of the economy which create new jobs.The government had launched the startup India fund to help startups get funding in early stages.
  6. This fund doesn’t directly invest in startups.Instead,it allocates money to VC funds which are required to invest at least twice the amount of contributions received from the government.
  7. However,early-stage startups in India had criticised the Startup India campaign after entrepreneurs of hundreds of startups complained of harassment by tax authorities who sent them ‘angel tax’ notices.
  8. Angel Tax is a 30% tax that is levied on the funding received by startups from an Angel investor.However, this 30% tax is levied when startups receive angel funding at a valuation higher than its ‘fair market value’. It is counted as income to the company and is taxed.

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