The Haryana government will set up a venture capital fund in ‘Padma’ programme to accelerate development for Micro, Small and Medium Enterprises (MSMEs) advancement which will promote young entrepreneurs and provide boost to startups.
Presiding over the review meeting of ‘Padma’ on Monday, Deputy Chief Minister of Haryana Dushyant Chautala, who also holds the portfolio of industries and commerce department, said the state government has budgeted for a venture capital fund of Rs 200 Crore to support young people starting businesses.
Chautala said the state government has started the ‘One Block-One Product’ initiative under the ‘Padma’ scheme of the Central government.
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The objective of this initiative is to promote micro and small enterprises at the block level by taking advantage of the cluster approach and promote balanced regional development.
He said in the recently presented budget also Rs 1,000 Crore has been proposed for ‘Padma’ in the next five years, through which new innovative incentives like designing, branding, marketing and export promotion scheme will be introduced.The deputy CM said incubation centers will be set up to encourage youth to set up startups and promote entrepreneurship among youth with requisite skills and assistance will be provided for loans from banks, financial institutions and venture capital funds.
Chautala said about 12 places have been identified for setting up industries under ‘Padma’, soon the places in the remaining blocks will be finalized and people will be encouraged to set up industries. He said a plan has been prepared by the state government to make 6 schemes for ‘Padma’ in which provision will be made to give various incentives etc.
