In an effort to promote entrepreneurship in the northeast region of India, Minister of State (MoS) (Independent Charge) for the Ministry of Development of North Eastern Region, Dr Jitendra Singh, has encouraged newer and startups and entrepreneurs to move to the area.

Singh, who is also the Minister of State for the Prime Minister Office, Personnel, Public Grievances and Pensions, Department of Atomic Energy and Department of Space, discussed the new “venture fund” announced by the Ministry of Northeast as being separate from the benefits already being provided to entrepreneurs through the ‘Startup India, Standup India’ campaign by Prime Minister Narendra Modi.

The invitation for entrepreneurs took place at the Skill India exhibition held at the Jawaharlal Nehru Stadium.

“If we are able to move forward with the plan that we have envisaged for ourselves,” Singh said. “The day is not far when Northeast will become a favourite destination for young Start-ups from all over India.”

According to Singh, while other areas of the country are running out of resources for new startups, the northeastern region is not and young entrepreneurs are encouraged to use the availabilities.

The Northeast “Venture Fund”, the first of its kind in the region, began functioning a few months ago after the initiative for its launch took place last April. Addition benefits provided by the ‘Startup India’ programme include a tax holiday and a three month exit period.

The venture capital fund, launched by the North Eastern Development Finance Corporation Ltd (NEDFi), is currently processing 65 proposals from startups nationally, Singh said. The fund has proved to be in-demand by the new generation of entrepreneurs, according to Singh.

(Picture courtesy: Internationalnewsandviews.com)