TLDR:
- The Centre has launched the ‘Venture Capital Fund for Scheduled Tribes’ to support tribal entrepreneurs and start-ups.
- Beneficiaries can avail investments between Rs 10 lakh to Rs 5 crore for up to 10 years, with concessional finance at 4% per annum.
The Indian government has launched the ‘Venture Capital Fund for Scheduled Tribes’ to boost entrepreneurship among tribal communities. The fund aims to support tribal entrepreneurs and start-ups in various sectors, including manufacturing, allied sectors, and start-ups incubated in the technology sector. The beneficiaries of the fund will be able to avail investments ranging from Rs 10 lakh to Rs 5 crore, with concessional finance available at 4% per annum. Women and disabled entrepreneurs will have access to concessional finance at a rate of 3.75%. The fund will be managed by IFCI Venture, a subsidiary of IFCI Ltd, and will be overseen by an advisory committee appointed by the Ministry of Tribal Affairs.
The launch of the Venture Capital Fund for Scheduled Tribes was announced by President Droupadi Murmu during the inaugural ceremony of the tribal festival ‘Aadi Mahotsav’. In her speech, Murmu emphasized the importance of preserving traditional knowledge and using technology for sustainable development. She also highlighted the need to learn from tribal communities in living in harmony with nature, especially in the face of climate change.
The launch of the fund comes as part of the government’s efforts to promote self-reliance and empower tribal entrepreneurs. The Ministry of Tribal Affairs has set up an IFCI Venture Capital Funds stall to guide interested tribals on how to benefit from the fund. Additionally, a tribal festival is being held at the Major Dhyan Chand National Stadium in Delhi, showcasing tribal art, handicrafts, natural products, and cuisine. The festival will be open to the public until February 18 and aims to promote the diversity and richness of tribal culture.
