Tuesday, January 10, 2012

[ZESTCaste] Dalit chamber plans Rs 500-cr venture capital fund


Dalit chamber plans Rs 500-cr venture capital fund
Our Bureau

Proposed fund is likely to be operational by August
Hyderabad, Jan. 10:

The Dalit Indian Chamber of Commerce and Industry (DICCI) is planning
to create a venture capital fund with Rs 500 crore to provide seed
capital to Dalit entrepreneurs.

This was disclosed by Mr Milind Kamble, Founder-Chairman of DICCI, at
a function to launch the Andhra Pradesh chapter of the industry body
held here on Tuesday.

The proposed fund is likely to be operational by August this year.

The recent decision by the Union Government facilitating public sector
units to procure at least four per cent of their requirements from
Dalit entrepreneurs could generate a business of Rs 7,000 crore every
year in various segments, he added.

"Our association will act as a nodal agency to implement this
decision," he added.

Mr G Vivekanand, industrialist and Member of Parliament, asked the
State Government to pass a legislation to help the business
development of Dalit entrepreneurs.

It should also set up an exclusive venture capital fund to provide
seed capital to the Dalits, he added.

Mr N. Ravi Kumar, President of AP Chapter of DICCI, said banks were
not coming forward to provide loans to Dalits to set up/develop

The Government should tie-up with banks to facilitate easy
availability of credit to Dalit businesses, he added.

Deputy Chief Minister, Mr Damodar Rajanarasimha formally launched the
State Chapter.


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