Govt plans venture fund to promote startups in Northeast

In a first-of-its-kind initiative, the Centre is planning to have a venture fund to promote startups in Northeastern states of the country. Addressing a conference organised by industry lobby ASSOCHAM, Minister of State for Development of North Eastern Region (DoNER) Jitendra Singh said India is on the verge of becoming a world power on the basis of the strength of its youth, who comprise over 65 per cent of country's population and are thus the real torchbearers of 'Startup India' mission.

"The DoNER Ministry is contemplating the feasibility of creating a venture fund for startups," Singh said. The declaration of Sikkim as the first organic state of India has opened up new vistas for startup initiatives in organic farming in Northeast, he said.

A three-day mega Northeast festival will be held at Pragati Maidan in New Delhi from February 12 to 14. It will aim at showcasing the vast resource and potential of the Northeastern states, Singh said while inaugurating 'Start Up India 2016' organised by the Associated Chambers of Commerce and Industry of India (Assocham).

"We believe that India's economic future lies in encouraging startups which will bring dynamism, new thinking and create jobs," the Minister said. Israel's Ambassador to India Daniel Carmon said startups can grow almost anywhere, but in order to really cultivate them an ecosystem has to be in place.

"The latest initiative announced by Prime Minister (Narendra) Modi on Saturday is doing exactly that. It provides the needed conditions to evolve and develop. Israel applauds this initiative and would be happy to share its experience in developing suitable ecosystems, comprehensive mechanisms that will encourage unique and sustainable economic growth in India," Carmon was quoted as having said in the conference in a release issued by Assocham.