Earlier this month we reported that government is currently working on over 60 proposals for startups in the north-east Indian states. Now in a latest development, the Ministry of Development of North Eastern Region (DoNER) headed by the Minister of State DoNER today unveiled the much awaited North East Venture Fund (NEVF) scheme for the aspiring entrepreneurs who want to start their units in the North-eastern region of the country, reported Knowledge & News Network
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The dedicated venture fund will not only bring in fresh investments for north-east Indian states, but will also help transform the north eastern part of the country into a hub of different industries, said MoS DoNER Dr Jitendra Singh while interacting with press on the sidelines of the Northeast Calling festival in New Delhi.
He further added that the venture fund scheme aims at addressing different bottlenecks that persisted because of which the entrepreneurs couldn’t set up their business units. But with a framework launched, the region is likely to boom with startups.
The other things announced for aspiring entrepreneurs and startups in the region is that they can avail tax holiday and financial support. Also the entrepreneurs can take advantage of the exit provisions laid out in the scheme.
The “North-East Venture Fund” has been set up by the North Eastern Development Finance Corporation Ltd (NEDFi) Post launching north east venture fund, the government is expecting that the region is likely to boom with startups.
The primary objective of North East Venture Fund (NEVF) would be to invest in enterprises focused on and not limited to Food Processing, Healthcare, Tourism, Aggregation of Services and IT&ITES located in the NER and to provide resources for entrepreneurs from the region to expand throughout the country. The investment focus of the NEVF will be early and growth stage investment mostly in enterprises involved in the fields of, Food processing, Healthcare, Tourism, Aggregation of Services and IT & ITES.
NEVF would inter alia invest in areas such as development of new products and services, technological up gradation, expansion or diversification, process improvement and quality improvement with the purpose of creating value for all stakeholders.