NEW DELHI: The Centre is considering over 60 proposals for start-ups in the Northeast, and will provide initial funds for such initiatives under a new scheme.
Minister for Development of North-Eastern Region (DoNER) Jitendra Singh said the Northeast Venture Fund was the first dedicated venture capital fund for the region and that his ministry would offer an additional benefit of providing the initial funds to any youngster planning to set up an enterprise.
He said hundreds of queries were pouring in each day with the DoNER Ministry and over 60 proposals were already in the pipeline for consideration, an official statement said.
Singh said the initiative to set up the fund began in April this year after the prime minister announced the “Start-up India, Stand-up India” programme, which includes incentives like tax holiday in the early phase and an exit period of three months.
The minister said the Northeast Venture Fund is attracting young start-ups in more and more numbers and has generated huge enthusiasm among entrepreneurs looking for an opportunity in the Northeast.
He said the North-East Venture Fund has been set up by the North Eastern Development Finance Corporation Ltd (NEDFi), which already has the mandate to encourage entrepreneurship in the region primarily by offering support to the first- generation entrepreneurs.
In addition, Singh said, the NEDFi also performs the role of hand-holding and capacity building.
The minister said the region had huge potential for young start-ups unlike many other parts of the country and hoped that the unique idea of setting up a dedicated venture fund would make up for the constraints faced by a youngster when he set out to be on his own.