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Venture Capital Funds for Scheduled Caste launched

Shri Thaawar Chand Gehlot, Union Minister of Social Justice & Empowerment, launched the schemes of Venture Capital Fund for Scheduled Castes and Green Business scheme here today.

The Government of India has launched this Venture Capital Fund for Scheduled Castes with initial capital of Rs. 200 crore. IFCI Ltd. will act as Sponsor, Settler and Asset Management Company (AMC) / Nodal Agency to operate the scheme. The IFCI Ltd. would contribute Rs.50 crore which would comprise Rs.5.00 crore as sponsor and Rs. 45 crore as investor.

The objectives of the Venture Fund are as follows:

It is a Social Sector Initiative to be implemented nationally in order to promote entrepreneurship amongst the SCs who are oriented towards innovation and growth technologies.

To provide concessional finance to the SC entrepreneurs, who will create wealth and value for society and at the same time will promote profitable businesses. The assets so created will also create forward/ backward linkage. It will further create chain effect in the locality.

To increase financial inclusion for SC entrepreneurs and to motivate them for further growth of SC communities.

To develop SC entrepreneurs economically.

To enhance direct and indirect employment generation for SC population in India

NSFDCs Green Business Scheme for providing financial assistance has been launched keeping into the concern for the climate change. Under this Scheme, loan for unit cost upto Rs.1 lakh at concessional rate of interest will be provided to Scheduled Castes for activities such as e-rickshaw, Solar Pump and Solar energy powered implements, poly house etc.

Cabinet Minister Shri Gehlot informed that the aim of Venture Capital Fund for Scheduled Caste is to provide support and concessional finance. Under the scheme, financial assistance upto Rs.15.00 Crore for a period upto 6 years would be provided to the SC entrepreneurs.

He expressed that this scheme would motivate SC Entrepreneurs for contributing in national growth as well as to enhance direct and indirect employment generation.

Minister of State Shri Krishan Pal hoped that these schemes would be helpful in achieving social equality & harmony and Prime Ministers resolution of Sabka Saath Sabka Vikas .

Minister of State Shri Vijay Sampla expressed that these schemes would be helpful in fastening the speed of development of Scheduled Castes.

Secretary, Shri Sudhir Bhargava speaking on this occasion informed that this fund would be able to promote entrepreneurship amongst those SCs who are oriented towards innovation and technologies. SC entrepreneurs will create wealth and value for society which will create multiplier-effect in the SC Community.

The Secretary (SJ&E), Sh. Sudhir Bhargav; Special Secretary, Shri Anoop Kumar Srivastava; Joint Secretary Shri Sanjeev Kumar; CEO & Managing Director, IFCI Ltd. Shri Malay Mukherji and Chairman-cum-Managing Director of National Scheduled Castes Finance & Development Corporations(NSFDC) Dr. R. K. Singh were also present.

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