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Govt. plans to establish VC Fund for Startups in North-East

Govt. plans to establish VC Fund for Startups in North-East

news January 21, 2016 30 Views

The centre government is willing to establish a venture capital fund to promote startups in the North-Eastern states-a first-of-its-kind initiative. Inaugurating the ΓÇÌStart-Up India 2016ΓÇÕ conference organized by ASSOCHAM (Associated Chambers of Commerce and Industry of India), Minister of State for Development of North Eastern Region (DoNER) Mr. Jitendra Singh revealed that the North-East states of India have huge potential to enter into the startup environment which is experiencing a big boom.

He also said that India is on the brink of becoming a world power and a large chunk of power depends on its youth which covers 65% of IndiaΓÇÕs total population. ┬áHe further said that the government is trying different ways to utilize this huge potential of the young generation through ΓÇÌStart-Up IndiaΓÇÕ and others. At the same time, as Sikkim was declared as the first organic state of the country thus has opened various new possibilities for farming in other North-Eastern states.

Also, a three-day mega Northeast festival will be held in New DelhiΓÇÕs Pragati Maidan from 12th-14th February to showcase the North-East states, the minister said. As the world is currently witnessing a sluggish economic growth, Indian startups will play a he role in diversifying and strengthening economy as well as be able to create employment. But startups can grow anywhere only if they are thoroughly guided and mentored which will be possible in a cohesive environment.

As the potential of North-Eastern youngsters are yet to be explored, Mr. Singh said the governmentΓÇÕs this new initiative can play a huge catalyst to do so.

 (Source: ET)