No takers for Modi government's ambitious scheme for SC entrepreneurs

NEW DELHI: The Modi government has not been able to help a single Schedule Caste entrepreneur this year to start his own venture or provide them with concessional finances.

The ministry of social justice and empowerment’s ambitious Venture Capital Fund scheme to promote entrepreneurship among Scheduled Caste entrepreneurs has drawn a blank this year with not a single penny being used so far. The parliamentary standing committee of demand for grants has taken a grim view of the 2015 scheme remaining a complete non-starter.

The report observes that the budget allocated for the scheme has come down drastically due to successive years of under-utilisation. In 2012, the budget estimates were Rs 102 crore, which was brought down to Rs 0.01 crore in revised estimates and was utilised. Since then, only Rs 40 crore has been ear-marked in 2016-17 and 2017-18. While this was used in 2016-17, it has remained unutilised till January 31, 2018.


The committee noted, “Venture Capital Fund for Scheduled Castes Entrepreneurs is the only scheme to promote entrepreneurship amongst the SCs, and to increase financial inclusion for SC entrepreneurs so as to motivate them for further growth in the society. Since introduction of the scheme in 2014-15, the allocation for this scheme is on wane… Since then very less amount has been allocated under this scheme ever year and there is “nil” utilisation in 2017-18.”

Taking note of the fact that this scheme is entirely a new approach by the department in the field of promotion of entrepreneurship among Scheduled Castes, the committee recommended the department to set up a strong and effective mechanism to ensure that the allocated funds are utilised in full. The committee also directed the department to take measures for creating awareness about this scheme through print and electronic media.