Chief Minister of Jharkhand, Raghubar Das conducted a special state cabinet meeting where it announced a venture capital fund with a corpus of Rs. 50 crore to encourage the young entrepreneurs of the state and their startups.
The government will set up three separate companies under this scheme to include the maximum number of startups which have the potential to flourish and play a crucial part in the development of the state. These companies are Jharkhand Startup Capital, Jharkhand Venture Capital Trustee Ltd, and MSME Funds.
This decision has come after the commencement of Startup Village Entrepreneurship Programme (SVEP) launched by the Entrepreneur Development Institute of India (EDII). The programme was launched in Jharkhand, Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, Odisha, Chhattisgarh, Telangana, Punjab, and Uttar Pradesh.
In 2016, both the governments of Jharkhand and Uttarakhand had already launched ‘Information Technology and Start-up Policy’ and ‘Start-up Chhattisgarh’ initiative respectively along with an online portal, in Raipur to bolster the young entrepreneurs of their states.
In 2017, Jharkhand government also signed a Memorandum of Understanding (MoU) with the global technological player, Oracle in order to use Oracle’s cloud-based services for the welfare of its citizens. This collaboration also encouraged e-commerce and gave a platform to the tech-based startups of the state.
The Jharkhand government also aims to install several Innovation and Incubation Centres across the state.