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VC Fund Scheme for Supporting Scheduled Class Entrepreneurs Bears Fruit

A Government Initiative to support backward communities !

In 2014-2015, Ministry of Social Justice and Empowerment launched a special program of Venture Capital Fund Scheme for Scheduled Caste (SC) entrepreneurs. The aim was to support the budding entrepreneurial spirit among those from the backward parts of the society. Under this scheme, Shripad Yesso Naik, Minister of State (Independent Charge) for AYUSH, has just launched ‘Elixir for Life’. It is an Ayurvedic medicine.

Elixir for Life

It has been developed by one of the beneficiaries of the abovementioned scheme, Mallur Flora. It is based in Bangalore and funded by the Ministry of Social Justice & Empowerment, Government of India (IFCI) and Department of Welfare Government of Karnataka (KFSC).

The Purpose of this VC fund is…

To provide a support system to the budding entrepreneurs from backward classes and to motivate them towards innovation and growth through technology. These entrepreneurs will, in turn, create wealth and opportunities for the society at large and also be able to support others from the SC. This will further encourage others from the SC to come forward and take part in the growth. The program also aims at expanding financial inclusion to such entrepreneurs that will boost the economy even more.

Do you think such such schemes are enough to develop the entrepreneurial spirit among the SC? Do share your thoughts in our comment section below.

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Startup-Buzz Team

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