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2014-11-05

Government announces Rs. 10,000 crore funds to back tech start-ups

The government intends to take the route of venture capital funds to invest the money

Indian government has announced Rs 10,000-crore electronics development fund to enthusiast start-ups attain the next level, according to a report published by Economic Times.
 

"It is in the process of finalization and we will get an approval very soon," a source in the ministry of information technology told TOI.
 

ET report further stated that this is a different fund from the Rs 10,000-crore venture fund announced in the Budget for startups in micro, small and medium enterprise (MSMEs).
 

The government intends to take the route of venture capital funds (who back the electronics hardware and IT start-ups) to invest the money. Besides, the government plans to create a separate electronic development fund to make the investments.
 

The segments which are targeted for funding encompasses electronics, components and software. Besides, ET reports that both domestic and foreign venture capital funds will be targeted by the government to route its investments.

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