CM launches venture fund for Manipur Startup Scheme 2.0
Source: The Sangai Express / DIPR

Imphal, November 12 2022: Chief Minister N Biren Singh launched a venture fund for Manipur Startup Scheme 2.0 in collaboration with North Eastern Development Finance Corporation Ltd (NEDFi) during a Manipur Startup workshop held at the Sangai Conference Hall of Hotel Imphal today.

The workshop was organized jointly by the Depart- ment of Planning, Government of Manipur and the Department for Promotion of Industry and Internal Trade, Government of India.

Addressing the gathering during the inaugural session of the workshop, N Biren Singh maintained that the incumbent Government aims to provide a source of earning to every household of the State and as such, the Government has taken up various schemes and initiatives to give direct or indirect employment to at least one member of each family.

CM launches venture fund for Manipur Startup Scheme 2.0

The Chief Minister continued that since the formation of his Government in 2017, priority had been given to give employment to as many youth as possible by taking up the Manipur Startup Scheme.

Around 6000 Startups had been given financial assistance under the scheme so far.

Investment made by NEDFi had also made it possible for many Startups to expand their operation, he added.

He mentioned that the Startup Scheme has been giving avenues to entrepreneurs to expand their undertakings and to turn the youth from job seekers to job creators.

Expressing that youth are the future of the State, he informed that Rs 10 crore each for Imphal West, Imphal East and Churachandpur had already been sanctioned for setting up Youth Skill Centre while Rs five crore each had also been sanctioned for Sena-pati, Ukhrul and Chandel districts.

Stating that various initiatives like Go to Village and Go to Hills had been taken up to bring inclusive development in the State, N Biren added that the State is marching ahead towards development, with bandh and blockades becoming a thing of the past.

He continued that a senior officer of the Govern- ment had been given in-charge of each sub-divi- sions of Manipur to ensure that infrastructure development reaches every nook and corner of the State.

The Chief Minister further stated that various meetings are being held to streamline the development works and to ensure its progress.

Citing several development works including construction of seven-storeyed Government quarters at New Checkon, Sangai Ethnic Park, Amusement Park at Thengu Chingjin and Heritage site at Makhel, he maintained that the State could be taken to a higher level of development if 'we could go in the same pace' .

He raised concern that only few people with innovative ideas had approached to get benefit of the Startup Scheme.

He also stressed the need for the youth to get expertise in the IT sector as the world is advancing rapidly with the coming of 5G service, adding that the State is lagging in this sector.

He mentioned that the youth of Manipur have lots of talents and possess discipline compared to other States.

Informing that the corpus fund set aside for the Manipur Startup Scheme had been increased from Rs 30 crore to Rs 100 crore, he appealed to the youth of Manipur to take benefit of the scheme and expressed hope that Manipur would achieve the goal of becoming the first State to have an income earner in every family.

Chairman and Managing Director of NEDFi PVSLN Murty stated that the launching of first ever venture capital for Startup, to encourage the youths to come up with viable propositions, would be memorable in the history of Manipur.

It is through the initiative of the Chief Minister that the State had launched a venture capital before other States had done, he added.

During the programme, a memorandum of understanding was signed between the Government of Manipur and NEDFi.

The Chief Minister also distributed prizes to the winners of Techstar Startup Weekend organized by MIT.

Eco Youth from CIPET was given the first prize with a cash award of Rs 25,000, Alleviate from MIT with Rs 15,000 for the second prize and Tanja from MTU was awarded with Rs 10,000 for the third prize.

Consolation prizes were also awarded to other Startups.

Stalls were also set up by some Startups at the campus of the Hotel Imphal.

The inaugural session was followed by technical sessions on different topics.

Chief Secretary Dr Rajesh Kumar, Additional Chief Secretaries MH Khan and V Vumlunmang, Director of Planning N Kulkarani Devi, officials of the Department for Promotion of Industry and Internal Trade, NEDFi, academicians and entrepreneurs also attended the programme, among others.