13.
Building Innovation Centres at National Institutes
·
15
Startup Centres are being jointly set up by Department of Science and
Technology (DST) and Ministry of Human Resource Development (MHRD), and
approval for all 15 is in place
·
Amount
of INR 37.50 lakh (INR 3.75 lakh each for 10 Startup Centres) has been
released as 1st instalment of the grant for 10 Startup Centres by MHRD
·
11
TBIs (Technology Business Incubators) have been approved and INR 42 crore
have been sanctioned and INR 17 crore disbursed to TBIs
14. Setting
up of 7 New Research Parks modelled on the Research Park Setup at IIT Madras
·
IIT
Kharagpur at a cost of INR 100 crore is under construction and INR 74.83 Cr.
released to IIT Kharagpur
·
IIT
Mumbai at a cost of INR 100 crore is under construction and INR 34 Cr.
released to IIT Bombay
·
The
Research Park at IIT Gandhinagar has been sanctioned by DST at a total cost
of INR 90 crore and the Department has already disbursed instalment of INR 40
crore
·
5
more Research Parks at IIT Kanpur, IIT Delhi, IIT Guwahati, IIT Hyderabad and
IISc to be supported by MHRD approved with a budget of INR 375 Crore for a period
of 3 years.
15. Promoting
Startups in the Biotechnology Sectors
·
Department
of Biotechnology (DBT) has sanctioned INR 1 crore under Biotech Equity fund
to be given to each bio-incubator. The initiative has already helped 3
Bio-incubators that have been selected as recipients of the above mentioned
Equity Fund.
·
30
bio-incubators have been supported through funding support with INR 185 crore
sanctioned and INR 119 crore disbursed. The impact has
been multi-fold as a total of 290 start-ups have received benefits from these
bio-incubators under various programmes like Biotechnology Ignition Grant,
IIPME, Sparsh, Grand Challenges, BioNEST, etc.
·
In
respect of Bengaluru-Boston Biotech Gateway to India: 4 entrepreneurs have
joined and 1 is in the process of joining the Harvard University, USA to
share ideas and receive mentorship
16. Launching
of Innovation Focused Programs for Students
(a)
Innovation
Core program with an outreach to 10 lakh innovations from 5 lakh schools
·
4
regional workshops organized & revamped MANAK (Million Minds Augmenting
National Aspiration and Knowledge) approved
·
Over
1 lakh INSPIRE (Innovation in Science Pursuit for Inspired Research )
Awardees competed at District & State Level
·
588
were selected to participate in the 6th National Level Exhibition and Project
Competition, Delhi
·
Top
60 projects were showcased at the Annual Festival of Innovations in
Rashtrapati Bhavan from 4th-10th March 2017
(b)
NIDHI
(National Initiative for Developing and Harnessing Innovation)– Grand
challenge program
·
19
new TBIs established
·
9
TBIs supported for Seed Support System (SSS)
·
10
NIDHI-PRAYAS (PRomoting and Accelerating Young and ASpiring technology
entrepreneurs) and 10 NIDHI-EIR (Entrepreneurs-in- Residence) sanctioned
·
6
new centres of excellence (COEs) have been recommended to receive funds for
COEs in FY2017-18
(c)
Uchhattar
Avishkar Yojana (UAY)
·
INR
475 crore for 2016-18 has been earmarked for 3 years
·
INR
75 crore has been disbursed for research proposals from IITs under 6 domains
·
92
projects have been recommended for approval
17. Other
incentives:
·
External
Commercial Borrowing (ECB) guidelines for Startups: Startups can borrow up to
$3 million or equivalent per financial year, either in rupees, or any
convertible foreign currency or a combination of both, for a minimum average
maturity period of three years
·
Foreign
venture capital investors (FVCI) are now allowed to invest in Startups
irrespective of any sector without Reserve Bank of India’s approval
·
SEBI
(Foreign Portfolio Investors) Regulations, 2014 have been amended to permit
FPIs to invest in unlisted Non-Convertible debentures and securitised debt
instruments
·
The
SEBI Board has approved five key amendments to SEBI (Alternative Investment
Funds) Regulations, 2012 with respect to ‘Angel Funds’:
o
The
upper limit for number of angel investors in a scheme has been increased from
forty nine to two hundred
o
Angel
Funds will be allowed to invest in start-ups incorporated within five years,
which was earlier 3 years.
o
The
requirement of minimum investment amount by an Angel Fund in any venture
capital undertaking has been reduced from INR 50 lakh to INR 25 lakh.
o
The
lock-in requirements of investment made by Angel Funds in a venture capital
undertaking has been reduced from three years to one year.
o
Angel
Funds are allowed to invest in overseas venture capital undertakings upto 25%
of their investible corpus in line with other AIFs.
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