The start-up culture and the entrepreneurship ecosystem have slowly taken over the Indian market in the last few years.
A western concept with infinite potential has been embraced very well by the Indian framework and such vital is its impact that our governments are slowly taking a keen interest in this division.
There are no second thoughts that the entrepreneurs are now synonyms of the innovation and research.
Most of the true breakthroughs have been achieved by the individuals or a team of enthusiastic people who refused to give up and are the established names in today’s date. It is the product of several factors prompted by these people which help us witness the innovative structure evolve at this pace.
However, the support of government and local bodies can prove beneficial to boost the existing environment.
Deriving inspiration from this, we all need to talk about the creation of INR 100 crore venture funds for the entrepreneurs by the MP Government, its general impacts and the insights!
It has not been long since the launch of Start-up India that states have started to synchronise themselves with the ideology of the central government on this agenda.
At this point, I will like to remind you of the iconic first address to the nation by Prime Minister Modi from Red Fort where he zealously emphasised on the skill development and Make in India. In a further extension of same, thousands of crore funds were reserved for the entrepreneurs in the then budget presented by the FM.
Galvanised with the same, MP Chief Minister lately announced the creation of the Rs 100 crore venture funds for the budding entrepreneurs to set up the industries in the state.
This is seen as a boost for the young entrepreneurs with innovative ideas looking to establish the business in the state.
The basic idea involved behind the setting up of the venture fund is at the core of the start-up culture itself. It is believed that in any procedural recovery of the nation, the entrepreneurs and the small businessmen are now taking over the theme of entire discussion.
These start-ups are not only creating the incentives for the risk capital but also involve in the encouragement of the research and development.
Apart from this, they provide enormous employment opportunities, actively contribute to the enhancement of the lives of the global community and in the context of the global economy, have longevity than many of the established giants.
A senior official of the MP government has also claimed that the government is set to come up and announce a start-up policy on 1st of October.
Chief Minister Chouhan also said that the state is set to support the investors as well with the “customised packages”. The state has now become a power surplus government has worked enough to create the huge opportunities for the industries in the state.
With unique policy for each sector, MP is also offering the customised packages for the setting up of the industries.
In a road show to promote the Global Investors summit in Hyderabad, Shivraj Singh Chouhan declared that the government has created a venture capital fund of Rs 100 crore. Any person with any innovative ideas looking forward to establishing the industry in the state can avail the benefits as the state is set to invest in the company.
On the side-lines of the investors’ meeting, he also commented that once the company becomes successful, the amount will be withdrawn and invested in another emerging start-up.
While addressing the media, Mr Chouhan also presented the figures of growth and development as an outcome of efforts from his government. Boasting of the land bank and industry-friendly policies, he declared MP to be ideal for the industrial setup.
At the same time, the eradication of the inspection raj and the red tapism was emphasised.
The role of the local governments in the entrepreneurship and small-scale business development cannot be ignored at any given point.
In an order to achieve this aim, local governments need to tackle the internal hurdles as well as focusing on the collaborations with the external stakeholding partners.
The figures presented by the state looks promising in the removal of the internal hurdles and at the same time, the government initiative of the Global Investors’ Summit looks into inviting the partners.
In a similar effort in 2014, investment proposals of worth 6 lakh crores were received and 50 per cent of same were translated into a reality.
This year, the summit is scheduled on October 22 and 23 in the MP’s commercial capital of Indore and aims to indulge in exceeding the previous participation and inflow of the capital.
It is not the first time that the MP government is set to be a jack to its youngsters. The political will of the government is well reflected in the previous successful schemes like “Mukhyamantri Yuva Swarozgar Yojana”.
If this venture fund establishment and distribution of the MP government is executed well, it can likely support many aspiring youngsters in their ventures.
Here’s to 100 crore dreams!