It seems to be a week of celebration for the startups in Northeast. The Modi government is reportedly currently working on over 60 proposals for startups in the Northeast. The proposal involves the Centre providing initial monetary help to these startups under the umbrella of a new scheme called Northeast Venture Fund.

In addition to this fund from the centre, Manipur Chief minister N Biren Singh yesterday announced that his state government has also set aside a budget of Rs 35 crores under the 'Startup India' initiative in order to encourage local entrepreneurs in the region.

According to Minister for Development of North-Eastern Region (DoNER) Jitendra Singh, the Northeast Venture Fund is first such dedicated venture capital fund especially tailor made for the North East region. Singh also shared that the scheme would see his ministry providing additional benefit of providing the initial funds to any youngster planning to set up an enterprise.

Singh also revealed that the plan to launch such a North-East focused fund began in April, almost a year after Modi debuted his famous "Start-up India, Stand-up India" programme, which provides startups with incentives like tax holiday in their early phase and an exit period of three months.

The minister also said that as of now the Northeast Venture Fund has had a good reception with more and more young entrepreneurs from Northeast surfacing on the land to give their entrepreneurial dreams a chance.

The Manipur CM also stated that his government is working on introducing policies and programmes which will aim at encouraging more entrepreneurs in the state of Manipur. N Biren Singh also urged the banks in the state to help local entrepreneurs and startups by providing them financial assistance for their businesses.

The CM also appealed the youth of the state to continue their faith in the state and his government as his government is focused towards providing the right environment, tools and resources for them to flourish in the state.

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