Rs. 200 crore VC fund created by West Bengal Government for Home-grown entrepreneurs
Kolkata, India | Red Newswire | Dec 17, 2015 Last Updated at 03:21 PM IST.
The state of West Bengal has announced a venture capital firm of Rs. 200 crore to uplift the home grown entrepreneurs.
Amit Mitra, Finance cum Industry Minister said that this fund has been set up for the encouragement of young entrepreneurs who are ready to go out in to the startup market.
Mitra said, “"The venture capital fund will be provided from the budget.”
Mitra said the government is expecting a huge difference in the entrepreneurial industry with this investment. He said, “Entrepreneurs need venture capital, angel funding as well as Bank loans.”
He further mentioned that a 10000 sq. ft. space is being created by Nasscom for entrepreneurs inSalt Lake. Already 1500 young entrepreneurs have registered themselves and 100 of these have already started working.
Mitra added, “My submission to bankers is please bring down base rate further in line with Reserve Bank of India's repo rate reduction. Lower rates will help entrepreneurs, industry and consumers.”
Source: ET Bureau