Haryana Startups: Haryana Startups Struggle: No Funds Allocated for Rs 200 Crore Venture Capital Fund | Chandigarh News
Chandigarh: Over 10 months after Haryana chief minister Manohar Lal Khattar’s budget announcement in February on setting up of a Rs 200 crore venture capital fund (VCF) to help aspiring entrepreneurs establish startups, the project remains a non-starter. In fact, no money has been allocated for the proposed fund, according to deputy chief minister Dushyant Chautala, who holds the industries portfolio.
Khattar had announced setting up of a VCF to provide Rs 5 crore financial aid or support to women entrepreneurs, or those from reserved categories and having an annual income of Rs 1.80 lakh per annum.
The fact about non-allocation for the scheme came to light following a query by Badshahpur MLA Rakesh Daultabad regarding details of funds and the number of beneficiaries who have been given financial aid out of the VCF of Rs 200 crore.
While responding to a query on December 18, Dushyant Chautala had confirmed that it was part of the budget announcement. However, Chautala maintained that no allocation had yet been made for the VCF.
He said consultations have been undertaken with various financial institutions to investigate potential collaborations with stakeholders. “Elaborate proposals have been submitted by key stakeholders such as SVCL (SIDBI Venture Capital Limited) and IFCI (Industrial Finance Corporation of India), which are currently undergoing a thorough examination,’’ he said.
The deputy CM also said that extensive deliberations were held with women and SC entrepreneurs to comprehend the challenges they encounter, so that a policy addressing their specific needs is formulated. He also pointed out that there is no list of beneficiaries as no funds have been set aside.
The response has once again put the BJP-JJP government in the firing line of the opposition. Nuh MLA and deputy leader of the opposition Aftab Ahmed said, “It would not be surprising if it turns out to be another Jumla of the government. Such popular announcements are either not made, or the government must act with immediate effect. There could be other announcements like it,’’ he said.
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