North Eastern Development Finance Corporation Limited (NEDFi) in collaboration with the Ministry of Development of North Eastern Region (DoNER) would set up a North East Venture fund, a dedicated venture capital fund for the region to encourage start-up ventures in the northeast region.
Informing this during the business meet organized by NEDFi and Entrepreneurs Associates Nagaland here on Friday, NEDFi Chairman & Managing Director (CMD), B.P Muktieh, said the size of the fund would be Rs 100 crore. Out of the total amount, Rs. 45 crore will be contributed by DoNER ministry, Rs. 30 crore by NEDFi and the balance amount of Rs. 25 crore would be raised from other financial institution(s).
For this, Muktieh said NEDFi has already set up two wholly-owned subsidiary companies viz. NEDFi Trustee Ltd and NEDFi Venture Capital Ltd to operationalise the venture fund, which was expected to be launched by October, 2016, after the same was registered with SEBI.
Stressing the need to expand NEDFi network in the state, he urged EA to assist NEDFi, adding that many youngsters have many ideas and plans to set up business but could not take off due to lack of fund.
CMD said NEDFi could be the partners in their business and advised them to start their projects by now instead of waiting for the schemes to be launched.
Besides agri, food processing, handloom and tourism, he suggested that priority be given in health sector because many people from NE region go outside for treatment. Muktieh said the amount for the scheme was huge as NEDFi wanted big projects in NE. He appealed to the entrepreneurs to take advantage of the scheme.
DoNER secretary, Naveen Verma, said many visible changes have taken place in the state over the years, yet there was something lagging behind. Sharing his experience during his journey from Dimapur-Kohima-Pfutsero, Verma asked why there was no resort on the way to Dimapur and Kohima and no resting place between Kohima and Pfutsero? He said entrepreneurs should come forward and take up the project.
Verma also expressed delight at the change of mindset among the youth. Verma said youth opting for employment in government sector has reduced, which, he said was “encouraging”. Assuring to extend help in all possible ways, DoNER secretary encourage the entrepreneurs to choose what they wanted to do. Further, informing that food procession, handcrafts, tourism, e-commerce, horti and agri, fashion design were some of the potentials sector in the state, Verma advised the young people to plan out how to reach the market.
Another sector, he suggested was preservation and export of bamboo-shoot, saying it was a delicacy in other Asian countries. NEDFi DGM, R.E Zeliang, highlighted the schemes of NEDFi and the new scheme to be launched. EA coordinator and CEO, N. Doulo also spoke on the occasion. Commissioner and secretary agriculture, Imkonglemba Ao, entrepreneurs and others attended the business meet.
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