Economy

Dalit chamber plans Rs 500-cr venture capital fund

Our Bureau Hyderabad | Updated on March 12, 2018 Published on January 10, 2012

Mr Milind Kamble, founder-Chairman of the Dalit Indian Chamber of Commerce and Industry, at the launch of the Hyderabad Chapter in the city on Tuesday. At left is Mr G. Vivekanand, MP. - Photo: P. V. Sivakumar   -  Business Line

Proposed fund is likely to be operational by August

The Dalit Indian Chamber of Commerce and Industry (DICCI) is planning to create a venture capital fund with Rs 500 crore to provide seed capital to Dalit entrepreneurs.

This was disclosed by Mr Milind Kamble, Founder-Chairman of DICCI, at a function to launch the Andhra Pradesh chapter of the industry body held here on Tuesday.

The proposed fund is likely to be operational by August this year.

The recent decision by the Union Government facilitating public sector units to procure at least four per cent of their requirements from Dalit entrepreneurs could generate a business of Rs 7,000 crore every year in various segments, he added.

“Our association will act as a nodal agency to implement this decision,” he added.

Mr G Vivekanand, industrialist and Member of Parliament, asked the State Government to pass a legislation to help the business development of Dalit entrepreneurs.

It should also set up an exclusive venture capital fund to provide seed capital to the Dalits, he added.

Mr N. Ravi Kumar, President of AP Chapter of DICCI, said banks were not coming forward to provide loans to Dalits to set up/develop businesses.

The Government should tie-up with banks to facilitate easy availability of credit to Dalit businesses, he added.

Deputy Chief Minister, Mr Damodar Rajanarasimha formally launched the State Chapter.

Published on January 10, 2012
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