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Maharashtra top destination under central govt funds for SC entrepreneurs

YarnsandFibers News Bureau 2016-06-20 14:30:00 – Mumbai

Under the Central government’s venture capital funds financial assistance scheme for Scheduled Caste entrepreneurs, Maharashtra has emerged as the top destination for funds sanction.

Of the Rs 150.45 crore sanctioned so far, Maharashtra accounts for Rs 37.6 crore. The state also leads in the number of companies (12) that have received sanctions for this fund so far.

For instance, Yash Cotton Yarn Pvt Ltd has been sanctioned Rs 9.8 crore to set up a spinning mill in Akola.

According to IFCI data, of the 20.13 crore scheduled-caste population in India, only about 1,000 are active entrepreneurs. The fund provides financial assistance of Rs 50 lakh to Rs 15 crore.

These sanctions have been made across the state and across industries, according to data from the website of IFCI Venture Capital Fund Ltd, which runs this scheme for the government.

However, full disbursal of the sanctioned amounts is yet to happen. The venture fund has disbursed around Rs 77.39 crore among 17 companies so far. Of these, three are from Maharashtra, though it is not clear which firms have received the amounts.

The Rs 200-crore venture fund scheme for SC entrepreneurs was announced in the February 2014 budget. It was kick started around January 2015 by the IFCI.

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