For the establishment of a new business or a start-up, the Ministry of Development of North Eastern Region deployed a new facility for the youth of India which promotes their business – “Venture fund.” The Union Minister of State (Independent Charge) of the same ministry MoS PMO, the Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh in the inaugural session of “ARUNODOI,” the two-day Northeast Students & Youth Summit 2017 today, familiarised about this agenda of the Venture Fund. He said that the procedure of setting it up had been begun in April this year and it is the first capital venture fund in North-Easter region.
“Venture Fund” rolled out, Dr. Jitendra Singh invites fresh start-ups
During the event, Dr. Singh recalled the Prime Minister Narendra Modi’s address about the value of entrepreneurship. He encouraged the youth, said, the region had much more strength of being up as compared to other parts of the country and directed that the origination of dedicated venture fund will make youth to overcome their failures. He also invited young entrepreneurs to young Start-Ups from all over the country to avail of this establishment.
North Eastern Development Finance Corporation Ltd (NEDFi) which supports the first-generation entrepreneurs and known for its assistance in encouragement for new entrepreneurs in the region has been formulated the “North-East Venture Fund,” said Dr. Jitendra.
Since the launching of “Venture Fund” a few months ago, it has become attractive, and the authorities have already been accepted 65 nominations, and more are in the queue. This memorandum will play an important role for young entrepreneurs by providing them a huge financial relief.
Dr. Jitnedra said the day is not far when Northeast region will be the best platform for young Startups from all over India. This program will be proven effective particularly in fruit, food, handicraft and tourism industry in the region, a release by PIB.