http://timesofindia.indiatimes.com/india/Central-fund-to-buy-equity-in-Dalit-firms-likely/articleshow/11261433.cms
Central fund to buy equity in Dalit firms likely
Subodh Ghildiyal, TNN | Dec 27, 2011, 04.55AM IST
NEW DELHI: Dalit Venture Capital Fund is the next big idea as the
Centre looks to roll out 'procurement quota' in government purchases
from small and medium enterprises (SMEs).
The Fund would seek to buy equity in Dalit companies to provide
capital support as investment. The Centre is mulling creation of a
special purpose vehicle or a capital support system to help develop
entrepreneurs among scheduled castes and tribes. The fund is part of
the bouquet discussed in a meeting called by social justice ministry
with Dalit Chambers of Commerce and Industry (DICCI), and could be
created with contributions from both private business houses and
government.
According to sources, Planning Commission deputy chairman Montek Singh
Ahluwalia is seized of the idea and had done some loud thinking in an
earlier meeting. Rural development ministry's 'skill development
programme' is likely to be used to help SCs/STs get into small scale
manufacturing.
The ideas formed the core of the meeting convened by social justice
minister Mukul Wasnik with DICCI, also attended by RD minister Jairam
Ramesh and chairman of national commission for SCs P L Punia on
Monday.
It was to get a fix on how the recently promulgated "procurement
quota" was to be operationalized. The Centre recently decided that all
ministries would make 4% of their annual purchase from micro, small
and medium enterprises run by SCs/STs.
There have been apprehensions if dalit entrepreneurship was big enough
to absorb orders of the magnitude of 4% of total government purchase,
and if there is enough quality to compete with general business. The
Centre wants to use the first three non-mandatory years of policy
rollout to fill the entrepreneurial gap among dalits. It also wants to
use bodies like DICCI to register dalit enterprises that can be used
for purchases.
While 'procurement quota' is to be rolled out by ministry for SMEs,
sources said the social justice ministry wants to be part of the
process to ensure right inputs from dalit groups it interacts with on
welfare front. It has asked micro enterprises ministry to place social
justice secretary in the ministerial panel to oversee the process and
monitor and evaluate the results.
Congress had made "procurement quota" a crucial weapon in its
political quiver, with Rahul Gandhi flagging it in his speeches in
Uttar Pradesh campaign.
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