IEP Chandigarh, March 27
Haryana Government will set up a Venture Capital Fund in ‘Padma’ programme to accelerate development for MSME Advancement which will promote young entrepreneurs and provide boost to startups.This information was given by the Deputy Chief Minister of Haryana, Sh. Dushyant Chautala after presiding over the review meeting of ‘Padma’ here today.The Deputy CM, who also holds the portfolio of Industries and Commerce Department, took information through a presentation about the strategy prepared by the department to implement ‘Padma’ and gave several constructive feedbacks for further improvements. He said that the state government has budgeted for a venture capital fund of Rs 200 crores to Rs 5 crores to support young people starting businesses, similarly to encourage ‘Padma’ Venture capital fund will be created.Sh. Dushyant Chautala said that the state government has started the ‘One Block-One Product’ initiative under the ‘Padma’ scheme of the central government. The objective of this initiative is to promote micro and small enterprises at the block level by taking advantage of the cluster approach and promote balanced regional development. He said that in the recently presented budget also Rs 1,000 crore has been proposed for ‘Padma’ in the next 5 years, through which new innovative incentives like designing, branding, marketing and export promotion scheme will be introduced.The Deputy CM said that incubation centres will be set up to encourage youth to set up startups and promote entrepreneurship among youth with requisite skills and assistance will be provided for loans from banks, financial institutions and venture capital funds.The Deputy Chief Minister was apprised that about 12 places have been identified for setting up industries under ‘Padma’, soon the places in the remaining blocks will be finalized and people will be encouraged to set up industries. He informed that a plan has been prepared by the state government to make 6 schemes for ‘Padma’ in which provision will be made to give various incentives etc.On this occasion, Additional Chief Secretary, Industries and Commerce Department, Sh. Anand Mohan Sharan, MD, HSIIDC, Sh. Vikas Gupta, Director, Industries and Commerce, Sh. Shekhar Vidyarthi, OSD to Deputy Chief Minister, Sh. Kamlesh Bhadoo and other senior officers were also present.
