Startups invited to try their fortune through unexplored potentials of Northeast

Union Minister Dr Jitendra Singh invited young startups from all over India to come to Northeast and try their fortune through unexplored potentials of the region.

Addressing a gathering of participants, after going through the various stalls put up at the "Skill India" exhibition at the Jawaharlal Nehru Stadium in Delhi today, Singh said, while all the avenues of livelihood and new ventures are gradually getting exhausted in other parts of the country and states, the immense unexplored avenues and potentials of North Eastern region are still available and beckoning the young entrepreneurs to come and try their luck.

Referring to the decision taken by the Ministry of Northeast to provide "Venture Fund" to any youngster who wishes to set up an entrepreneurship in the region, Dr Jitendra Singh said this provision will be in addition to the provisions already available in Prime Minister's "Start-up India, Stand-up India" programme, which includes provision of tax holiday as well as 3-month exit period. 

He disclosed that over 65 proposals from youngsters all over India are under process to avail of the "Venture Fund" for setting up entrepreneurship in the Northeast. 

He also informed that the first lot of Venture Fund documents were handed over to the new Start-Ups by Prime Minister Shri Narendra Modi himself during his visit to Aizawl, Mizoram in December last year.

Launched a few months ago, Dr Jitendra Singh said, “Venture Fund” has already become popular among the youngsters. 

"If we are able to move forward with the plan that we have envisaged for ourselves, the day is not far when Northeast will become a favourite destination for young Start-ups from all over India," he said, adding "With its vast unexplored avenues, those looking for livelihood will soon find a potential enterprise in the Northeast, particularly in fruit, food, handicraft and tourism industry."

Northeast Venture Fund, said Dr Jitendra Singh, is the first dedicated venture capital fund for North-Eastern region and the initiative to set it up began in April last year. 

He further explained that “North-East Venture Fund” has been set up by North Eastern Development Finance Corporation Ltd (NEDFi), which already has the mandate to encourage entrepreneurship in the region, primarily by offering support to the first-generation entrepreneurs.