Gov­ern­ment con­sid­ers 60 start-ups pro­pos­als in North­east

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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.

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