West Bengal creates Rs 200 crore venture capital fund for home grown entrepreneurs

KOLKATA: West Bengal has created a Rs 200 crore venture capital funds to support home grown start-up companies, state Finance cum Industry Minister Amit Mitra said.

The state-sponsored fund aims at encouraging youngsters in venturing into new areas of businesses including taking initiatives in the digital space.

"The venture capital fund will be provided from the budget," Mitra said Friday at an event organised by Indian Chamber of Commerce.

Mitra said that the new fund is going to make a huge difference in entrepreneurial drive in Bengal. "Entrepreneurs need venture capital, angel funding as well as Bank loans," Mitra said.

He also mentioned that Nasscom has created a 10000 sq ft space in Salt Lake for entrepreneurs. About 1500 young men have registered themselves for this and some 100 people are already working there, he said.

"My submission to bankers is please bring down base rate further in line with Reserve Bank of India's repo rate reduction. Lower rates will help entrepreneurs, industry and consumers," Mitra said.