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5.NORTH EAST VENTURE FUND

The Ministry of Development of North-East Region has recently given an update on the scheme North East Venture Fund.

 IMPORTANT POINTS:

• Set up by North Eastern Development Finance Corporation Limited(NEDFi) in association with the Ministry of Development of North Eastern Region(M-DoNER), the North East Venture Fundscheme was launched inSeptember 2017.
• It is the first dedicated venture capital fundfor the North Eastern Region (NER).
• Venture capital is a form of private equityand a type of financing that investors provide to startup companiesand small businesses that are believed to have long-term growth potential.Venture capital generally comes from well-off investors, investment banks and any otherfinancial institutions.

Corpus Amount:

Capital commitment of Rs 100 crore.

Objectives:

• To contribute to the entrepreneurship development of the NERand achieve attractive risk-adjusted returns through long term capitalappreciationby way of investments in privately negotiated equity/ equity related investments.
• The fund targets to invest in Start-Ups and unique business opportunities to provide resources for new entrepreneurships in Food Processing, Healthcare, Tourism, segregation of services, IT, etc.

Range of funds:

The investment under this scheme ranges from Rs. 25 lakh to Rs.10 crore per venture, which is long term in nature with an investmenthorizon of 4-5 years.

North East Rural Livelihood Project (NELRP):

• Launched in 2012, the NERLPis a World Ban kaided, multi-state project under the Ministry of Development of North Eastern Region (DoNER).
• The project has been implemented in 11 districts of Mizoram, Nagaland, Tripura and Sikkim with an aim to improve rural livelihoods especially that of women, unemployed youth and the most disadvantaged, in thefour North Eastern States.
• North Eastern Region Vision 2020 documentprovides an overarchingframework for the development of the North Eastern Region.

Science & Technology Interventions in the North East Region (STINER):

• STINER aims to bring relevant technologies developed by the academic, scientific and research institutions to the artisans and farmers especially women.

North Eastern Region Power System Improvement Project (NERPSIP):

• The Schemewas initially approved in December 2014 as a Central Sector Schemeof the Ministry of Power.
• It aims to create a reliable power gridand improve NER States’ connectivity to the upcoming load centers, and thus extend the benefits of the grid connectedpower to all categories of consumers of beneficiaries in the NorthEastern Region.

Destination North East festival:

• The different facets of Northeast including the entrepreneurship avenues are replicated at different locations across the country.
• During these events also, an exclusive arrangement is made for offering counselling and assistance to potential entrepreneurs and business Start-Ups.

 

SOURCE: PIB