NEW DELHI: Aiming to boost entrepreneurship among tribals, the Centre on Saturday launched the first of its kind ‘Venture Capital Fund for Scheduled Tribes’ to support them in businesses ranging from manufacturing, allied sector, start-ups and units being incubated in technology sector for ensuring asset creation. The portal for applicants is now open and the onground outreach in tribal belts has also started, officials said.
Beneficiaries will be able to avail investments between Rs 10 lakh to Rs 5 crore for up to 10 years and concessional finance at 4% per annum. The concessional finance will be available to women and disabled at 3.75%. President Droupadi Murmu after launching the VCF for tribals at the inauguration of tribal festival – ‘Aadi Mahotsav’ in Major Dhyan Chand National Stadium in Delhi said that tribal entrepreneurs would benefit from the scheme and be able to contribute to India’s self-reliance.
The ministry of tribal affairs has also set-up an IFCI Venture Capital Funds stall during the event so that interested tribals can be guided on the way forward to benefit from the VCF-ST scheme.
The VCF, a SEBI registered venture capital initiative, will be managed by IFCI Venture, a subsidiary of IFCI Ltd an Government of India undertaking. The two investors in the VCF-ST Scheme are MoTA and Tribal Cooperative Marketing Development Federation of India (TRIFED).
Minister of tribal affairs Arjun Munda said that the govt also plans to have an advisory committee to monitor the outreach and execution of the scheme.
Meanwhile, the tribal festival at Major Dhyan Chand National Stadium in the heart of Delhi will be open to the public till February 18 and brings together 1,000 artisans from across states and there are around 300 stalls showcasing the tribal way of life in all its diversity through tribal art, handicrafts, natural products and cuisine.
Emphasising that in the face of climate change, replicating the tribal lifestyle becomes even more crucial, the President of India in her speech said that there was a need to learn from tribal communities to live in harmony with nature, especially when the “modernisation race has caused significant harm to the earth and its natural resources”. Murmu, however, emphasised that tribal people could benefit from new technology, which should be used for sustainable development.
She also said that India has a priceless storehouse of traditional knowledge. “But now many traditional skills are dying out. This knowledge tradition is in danger of extinction. Our effort should be to accumulate this invaluable fund and also use it properly as per today’s need. Technology can play an important role in this effort also,” the President added.
Beneficiaries will be able to avail investments between Rs 10 lakh to Rs 5 crore for up to 10 years and concessional finance at 4% per annum. The concessional finance will be available to women and disabled at 3.75%. President Droupadi Murmu after launching the VCF for tribals at the inauguration of tribal festival – ‘Aadi Mahotsav’ in Major Dhyan Chand National Stadium in Delhi said that tribal entrepreneurs would benefit from the scheme and be able to contribute to India’s self-reliance.
The ministry of tribal affairs has also set-up an IFCI Venture Capital Funds stall during the event so that interested tribals can be guided on the way forward to benefit from the VCF-ST scheme.
The VCF, a SEBI registered venture capital initiative, will be managed by IFCI Venture, a subsidiary of IFCI Ltd an Government of India undertaking. The two investors in the VCF-ST Scheme are MoTA and Tribal Cooperative Marketing Development Federation of India (TRIFED).
Minister of tribal affairs Arjun Munda said that the govt also plans to have an advisory committee to monitor the outreach and execution of the scheme.
Meanwhile, the tribal festival at Major Dhyan Chand National Stadium in the heart of Delhi will be open to the public till February 18 and brings together 1,000 artisans from across states and there are around 300 stalls showcasing the tribal way of life in all its diversity through tribal art, handicrafts, natural products and cuisine.
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She also said that India has a priceless storehouse of traditional knowledge. “But now many traditional skills are dying out. This knowledge tradition is in danger of extinction. Our effort should be to accumulate this invaluable fund and also use it properly as per today’s need. Technology can play an important role in this effort also,” the President added.
