Centre launches venture capital fund to back tribal entrepreneurs

Aiming to boost entrepreneurship among tribals, the Centre launched the first of its kind ‘Venture Capital Fund for Scheduled Tribes’ to support them in businesses ranging from manufacturing, allied sector, start-ups and units being incubated in technology sector for ensuring asset creation. The portal for applicants is now open and the onground outreach in tribal belts has also started, officials said.

Beneficiaries will be able to avail investments between Rs 10 lakh to Rs 5 crore for up to 10 years and concessional finance at 4% per annum. The concessional finance will be available to women and disabled at 3.75%.

President Droupadi Murmu after launching the VCF for tribals at the inauguration of tribal festival – ‘Aadi Mahotsav’ in Major Dhyan Chand National Stadium in Delhi said that tribal entrepreneurs would benefit from the scheme and be able to contribute to India’s self-reliance.

The ministry of tribal affairs has also set-up an IFCI Venture Capital Funds stall during the event so that interested tribals can be guided on the way forward to benefit from the VCF-ST scheme.