The Ministry of Electronics and Information Technology (MeitY) has announced that it has supported more than 3,600 tech startups, disbursing a total of ₹212 crore in funding. This initiative is part of the broader Startup India program, which aims to foster the growth of the startup ecosystem across the country. Key programs under this initiative include the Fund of Funds for Startups (FFS), the Startup India Seed Fund Scheme (SISFS), and the Credit Guarantee Scheme for Startups (CGSS). These schemes assist startups at various stages, enabling them to attract investments from angel investors and venture capitalists or secure loans from banks and financial institutions. As of July 31, 2024, India boasts over 143,000 DPIIT-recognized startups.

Among the significant initiatives launched by MeitY is the Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme, which was initiated in 2019 with an outlay of ₹264.62 crore over five years. This scheme provides financial and technical support to educational institutions and R&D organizations that assist ICT startups. To date, 51 TIDE 2.0 Incubation Centres have become operational.

Another notable program is the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme. This scheme supports existing and new accelerators in scaling IT-based startups that address technological challenges in India. The SAMRIDH program includes matching funding of up to ₹40 lakh for selected accelerators. In its first cohort, 22 accelerators across 14 states and 12 cities were chosen to support 175 startups.

The Next Generation Incubation Scheme (NGIS) has also been approved to enhance the software product ecosystem and address key aspects of the National Policy on Software Product (NPSP) 2019. The scheme will launch from 12 locations across India, aiming to support 300 tech startups in Tier-2 and Tier-3 cities over three years, with a budget of ₹95.03 crore.

Additionally, MeitY has established domain-specific Centres of Excellence (CoEs), with 42 CoEs focused on various national interests to boost innovation in emerging technologies and facilitate prototype development. Furthermore, theme-based incubation centres have been set up to promote innovation in electronic system design and manufacturing, with partnerships involving institutions like STPI New Delhi and IIT Hyderabad.

Over the past five years, the government has supported more than 10,000 tech startups through various programs, disbursing approximately ₹580 crore, including the ₹212 crore allocated to startups through MeitY. This information was shared by Minister of State for Electronics and Information Technology, Shri Jitin Prasada, in a written response to the Rajya Sabha.