startup funding

It’s Now Time for Assam Startups, State Govt. Unveils Angel Fund

0
assam startups

It's Now Time for Assam Startups, State Govt. Unveils Angel Fund

In order to attract more and more youth entrepreneurs to Assam, the Congress led Assam government on Friday unveiled an angel fund which would help and assist the skilled youths and first generation entrepreneurs in setting up small and micro enterprises in the state.

Tarun Gogoi, who is the Assam Chief Minister, had also made the provisions for the Angel fund for micro enterprises while presenting his budget for 2014-15. The government has promised to contribute some 10 Crores to this fund.
The state government also signed a Memorandum of Understanding (MoU) on Friday with the Regional rural bank, Assam Gramin Vikash Bank.

The scheme offers a maximum loan of Rs. 5 lakhs at just 5 percent interest rate per annum with no interest being charged at all during the moratorium period for maximum of ten months for setting up of micro enterprises. Under the special fund, about 80 percent of the project costs for existing units and 85 percent for new units are being offered without any mortgage.

Tarun Gogoi also added that his government would increase the maximum loan amount under the scheme in order to attract more and more young and skilled entrepreneurs towards setting up and expanding their business in Assam.
According to the Chief Minister, the MSME sector has a huge role to play in solving the problem of unemployment in the state of Assam. “The MSME sector has to play a bigger role in creating employment opportunities given the fact that there is less scope of big industries coming to the state because of non-availability of required land and limited scope of white collared jobs”, said Tarun Gogoi at the launch event.

A special scheme for indigenous and traditional industries in the state was also announced by the Chief Minister on Friday.

According to Pradyut Bordoloi, Minister for Industries and Commerce, the department has conducted a resource mapping in Assam in order to identify the industries which can grow exponentially based on the raw materials that are easily and locally available in the state. He also added that the department is planning on setting up multi-disciplinary skill development training centre in each of the development block of Assam.

According to RT Jindal, additional Chief Secretary, Industries and Commerce, the MSME sector has seen huge investments to the amount of Rs. 1,774 crore in the period of past four years.

Like this content? Sign up for our daily newsletter to get latest updates.

Comments

Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.