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Bhopal City
Madhya Pradesh to create Rs 100-crore venture capital fund for new entrepreneurs

BHOPAL: Chief Minister Shivraj Singh Chouhan, at a cabinet meeting held here on Tuesday announced creation of a Rs 100 crore venture capital fund for help of new entrepreneurs. The fund will be created as per rules of Securities and Exchange Board of India (SEBI). In the beginning, help from the fund will be given to medium, small and micro entrepreneurs to set up their units.

The Directorate of Institutional Finance will appoint an advisor through transparent arrangements for the venture capital fund and handholding support of institutional arrangements.

The fund will help new and talented entrepreneurs, who cannot set up innovation-based new enterprises due to lack of adequate share capital. State’s young entrepreneurs will get share capital at local level. At present, they have to go other states and metropolitan cities of the country to avail this facility.

Affordable houses for poor: The cabinet endorsed a scheme under PPP mode for construction of affordable houses for Economically Weaker Section (EWS) and Low Income Group (LIG) families. The cabinet also approved the guidelines issued for the scheme.

The area of the project on which houses are to be built will be transferred to the urban body concerned at Re 1 annual lease rent without any premium.

Under the scheme, government land will be identified by the Town Development Authority and Special Area Development Authority concerned for construction of houses. Authority will apply to the collector concerned to transfer land to them. A committee headed by collector will decide as to whether proposed land is suitable for the project or not. At divisional headquarters, the committee will be headed by the commissioner.

In Bhopal investment zone, a committee of Urban Administration & Environment Department headed by its Secretary will ensure action of reservation on collector’s proposal. After reservation of land, the Authority will prepare a proposal on the basis of technical and economic viability of the project. The project will be prepared in a manner that VGF is not required for its implementation.

The cabinet committee constituted under Atal Ashray Yojana will be empowered to remove difficulties in project’s implementation.