Create venture fund for N-E region: Minister

The minister of state development of North-Eastern Region (DoNER), Jitendra Singh has said that the Ministry of DoNER could possibly create a venture fund for investment in North East for young entrepreneur without much of a liability, said at an ASSOCHAM event held in New Delhi on Wednesday.

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

Singh said, “We believe that India’s economic future lies in encouraging startups which will bring dynamism, new thinking and create jobs to the Indian economy.”

He further said, presently we have 80 million population which is below the age of 35 that’s the huge strength and I think this is the most opportune time for startup to have happen in India.

H.E. Mr Daniel Carmon, Ambassador, Embassy of Israel, says Startups can grow almost anywhere. But in order to really cultivate them, an ecosystem has to be in place. The latest initiative announced by PM 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.

According to the joint study undertaken by ASSOCHAM and Grant Thornton on “Startups India-Overview” released today says that 2015 witnessed the maximum traction in the space with over 600 companies getting funding; more than USD 2 bn being deployed by PE and VC funds. Over and above the USD 2bn deals in the startup specie other top deals in the overall tech specie in 2015 include the usual suspects i.e. investment of USD 700 mn in Flipkart by Sequoia Capital & Steadview Capital, USD 500 mn in Snapdeal by Alibaba, Softbank & others, USD 1100 mn in Olacabs by a group of investors including Tiger Global, Softbank, DST Global etc, mentioned the study.