The State Government in order to promote startups and entrepreneurship inked an MoU with Gujarat Venture Fund limited on Tuesday.
Chief Minister Raghubar Das and CEO of the company Sanjay Radhan were present on the occasion.
The CM, on the occasion, wished well to the youths and said that the world is of knowledge.
“Only knowledge can gain for you something. The youths now-a-days have new thinking with them. Prime Minister Narendra Modi dreamed about startups and we at the State level have prepared a policy for that. This is an opportunity for the youths to implement their innovative ideas for the growth of the State,” said he.
The CM also highlighted the startup policy along with other policies for entrepreneurship development and cited example of the proposals coming following the Global Investors’ Summit (GIS).
“We have received several proposals from different industries for setting up units related to apparels, footwear, food processing etc. In future, the State is set to get numerous proposals and investment that would generate jobs for youths,” added the CM.
Also present on the occasion was Industry Secretary Sunil Kumar Barnwal who said that the Government under its startup policy has stressed on two counts. “We are soon going to establish an innovation lab in the State with the help of IIM, Ahmadabad. Secondly, along with Venture Capital Fund setting up Rs 250 crore fund at the rate of Rs 50 crore every year in the five years time. This effort is from the Government to make the youth self-dependent,” said Barnwal.
The Gujarat Venture Fund limited would provide consultancy services for setting up the fund in the State. The fund would be registered with Security and Exchange Board of India (SEBI) under which different startup firms coming in the State would be provided with economic assistance.
Sectors included under this are IT/ITes, biotechnology, health services, tourism, energy, clean technology, MSMEs and retail etc. Principal Secretary to the Chief Minister Sanjay Kumar and other senior officials of the Industry Department were also present on the occasion.
