A five-fold hike has been made by the Government in its budget for funding start-ups in the next fiscal. Move is in line with Prime Minister Narendra Modi's ambitious 'Start-Up India' initiative. According to Ashutosh Sharma, Secretary, Department of Science and Technology (DST), in the 2016-17 financial year, it will provide seed capital to 50 to 80 new ventures with funding ranging from 50 lakh to one crore rupees per company. He said, for the next fiscal year, the government has increased the overall funding to startups from 40 crore to 200 crore rupees . DST is a major funding agency for new ventures related to science and technology.