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Centre plans to set up Rs 10,000-crore electronics fund

The Department of Electronics and Information Technology (DEITY) is planning to set up a Rs 10,000 crore fund for innovation and development purposes in the sector, a top government official said on Thursday.

“The department will set up a Rs 10,000-crore corpus to fund innovation in electronics and IT,” DEITY secretary RS Sharma said.

The department would rope in existing venture capitalists for selecting the start-ups where funds will be made available for starting innovation exercise, Sharma told reporters on the sidelines of Infocomm 2014. He said the department would pick stake in the VCs to a maximum limit of 20 per cent.
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