Punjab government sets up venture capital fund for IT sector

CHANDIGARH: The Punjab government has set up a venture capital fund for the IT and software sector and to help the entrepreneurs to set up small and medium units in the state.

The fund has a corpus of Rs 20 crore, and within the next two years it will be increased to Rs 100 crore.

Disclosing this here today, Punjab Industries Minister Tikshan Sud said the fund has been set up by the government bodies like Punjab Infotech, Punjab State Industrial Development Corporation Ltd and Punjab Financial Corporation in association with the Small Industries Bank of India.

Sud said Punjab's IT and software exports have crossed the Rs 1,000 crore mark. He said financial assistance will be provided to small and medium entrepreneurs through soft loans from the fund.