Speed Post News Network
New Delhi : Union Social Justice and Empowerment Minister Thaawarchand Gehlot e-launched the “Ambedkar Social Innovation and Incubation Mission (ASIIM) under Venture Capital Fund for SCs” through Video Conferencing here on September 30, 2020, with a view to promoting innovation and enterprise among SC students studying in higher educational institutions.
Minister of State for SJ&E Rattan Lal Kataria, Secretary, M/o SJ&E R Subrahmanyam; Secretary, M/o S&T, Prof. Ashutosh Sharma; Joint Secretary, M/o SJ&E R P Meena; Dy. MD, IFCI Limited,Sunil Kumar Bansal, and MD, IFCI Venture Capital Funds Limited , ShivendraTomar were also present.
Gehlot, in his address on the occasion, said that the Ministry of Social Justice had launched the Venture Capital Fund for SCs (VCF-SC) in 2014-15 with a view to developing entrepreneurship amongst the SC/Divyang youth to enable them to become ‘job-givers’. The objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs. Under this fund, 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures, he said.
Under “Ambedkar Social Innovation Incubation Mission (ASIIM)”initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions. They will be funded @ Rs 30 lakh in 3 years as equity funding so that they can translate their start-up ideas into commercial ventures. Successful ventures would further qualify for venture funding of up to Rs. 5 Crore from the Venture Capital Fund for SCs, Gehlot said.
The Minister said that this initiative under VCF-SC will promote innovation in the SC youth and would help them become job-givers from job-seekers; and would further give fillip to the ‘Stand Up India’ initiative of PM Narendra Modi.