Indian Government to launch seed fund ? — Startup Dunia - Indian startups and Entrepreneurship

Indian Government to launch seed fund ? — Startup Dunia - Indian startups and Entrepreneurship: "Indian Government to launch seed fund ?
Tags: Entrepreneurship, VC India

This story in BS caught my eye.
The Indian government is taking steps to float a fund to make seed capital available to entrepreneurs. The govt. is putting together a framework for setting up an innovation promotion council. The fund’s initial corpus of Rs. 75 crores will come from the Dept. of Science and Technology. Three entities will be involved - the govt., TiE (to rope in VC and angel funds once the seed funding is over) and ISB (where ideas will be examined and nurtured).
The idea seems to be inspired by Israel’s efforts at such incubators."