The venture capital fund for micro, small and medium enterprises, which was proposed in the last state budget, will start functioning from next month.
The fund will come up with a corpus of Rs 200 crore. State commerce and industries Minister Dr Amit Mitra said that his department has started the process to identify bankable projects for funding. “We hope to start allocation for micro, small and medium scale enterprises from this fund from next month,“ he said. The fund will also offer seed capital to budding entrepreneurs for starting business.
Dr Mitra spoke on the venture capital fund while addressing the annual general meeting of MCC Chamber of Commerce and Industry. Bengal was marching ahead compared to many other states in the MSME sector. The MSME facilitation and technology centre has been functioning for the last few months. Dr Mitra added that 56,872 new MSME units have registered in Bengal between May 2011 and October 2015. “This clearly shows the growth in MSME in Bengal during our regime,” he added.