PTI | Jan 21, 2016, 07.24PM IST
PTICentre is planning to have a venture fund to promote startups in Northeastern states of the country.
NEW
DELHI: In a first-of-its-kind initiative, the Centre is planning to
have a venture fund to promote startups in Northeastern states of the
country.
Addressing
a conference organized by industry lobby ASSOCHAM, Minister of State
for Development of North Eastern Region (DoNER) Jitendra Singh said
India is on the verge of becoming a world power on the basis of the
strength of its youth, who comprise over 65% of country's population and
are thus the real torchbearers of 'Startup India' mission.
"The DoNER Ministry is contemplating the feasibility of creating a venture fund for startups," Singh said.
The
declaration of Sikkim as the first organic state of India has opened up
new vistas for startup initiatives in organic farming in Northeast, he
said.
A
three-day mega Northeast festival will be held at Pragati Maidan here
from February 12 to 14. It will aim at showcasing the vast resource and
potential of the Northeastern states, Singh said while inaugurating
'Start Up India 2016' organized by the Associated Chambers of Commerce
and Industry of India (Assocham).
"We
believe that India's economic future lies in encouraging startups which
will bring dynamism, new thinking and create jobs," the Minister said.
Israel's
Ambassador to India Daniel Carmon said startups can grow almost
anywhere, but in order to really cultivate them, an ecosystem has to be
in place.
"The
latest initiative announced by Prime Minister (Narendra) Modi on
Saturday is doing exactly that. It provides the needed conditions to
evolve and develop.
"Israel
applauds this initiative and would be happy to share its experience in
developing suitable ecosystems, comprehensive mechanisms that will
encourage unique and sustainable economic growth in India," Carmon was
quoted as having said in the conference in a release issued by Assocham.
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