NEW DELHI, Aug 31 - Over 60 proposals for startups are already in the pipeline for consideration under the Northeast Venture Fund offered by the Ministry for Development of North Eastern Region (DoNER).
Stating this, Union Minister for DoNER Dr Jitendra Singh said that the Northeast Venture Fund is attracting young startups in more and more numbers and has generated huge enthusiasm among the entrepreneurs looking for opportunities in the region.
Briefing newsmen after a meeting with the officials of the Ministry of DoNER, Dr Singh said that hundreds of queries are pouring in each day and over 60 proposals are already in the pipeline for consideration.
Dr Singh said the fund is the first dedicated venture capital fund for the Northeast and the initiative to set it up began in April this year. He said Prime Minister�s �Start-up India, Stand-up India� is an incredible programme which includes unprecedented provisions and incentives like tax holiday in the early phase and an exit period of three months. Added to this, the Ministry of DoNER is offering an additional benefit of providing the initial Venture Capital Fund to any youngster who decides to set up an entrepreneurship in the Northeast.
Dr Singh explained that the venture fund has been set up by the North Eastern Development Finance Corporation Ltd (NEDFi), which has the mandate to encourage entrepreneurship in the region primarily by offering support to the first-generation entrepreneurs. In addition, the NEDFi also performs the role of hand-holding and capacity building, he said.