Srinagar, Nov 01 (KNO): Asserting that a new era has begun for startups and micro and small-scale industries, Lieutenant Governor Manoj Sinha on Saturday said that PM Modi is giving new impetus to build self-reliant India and investors in J&K will directly benefit from it.
Addressing the maiden “Self-Reliant India (SRI) Fund Outreach” event here, LG Sinha, according to the news agency—Kashmir News Observer (KNO) said, “Entrepreneurs, investors and policy-makers are gathered here today at one place and I am confident that a new era has begun for startups and micro and small-scale industries.”
He said, “The investors of Jammu Kashmir will directly benefit from the reforms that Prime Minister Narendra Modi Ji is giving new impetus to with the resolve of self-reliant India.”
The Lieutenant Governor said, “We must leverage the existing strengths, better infrastructure, build strong linkages between J&K’s industrial ecosystem and national financial institutions and bridge the funding gap for MSMEs and startups."
He congratulated Union Ministry of MSME, NSIC Venture Capital Fund Limited (NVCFL), Jammu & Kashmir Entrepreneurship Development Institute (JKEDI) and J&K Department of Industries & Commerce for this landmark initiative to connect the start-ups and MSME entrepreneurs of J&K with VC firms and Institutional Investors.
The Lieutenant Governor asked the Venture Capitalists (VCs) and Investors to assess the capabilities of individual entrepreneurs, the potential of Jammu Kashmir and the business venture with full sensitivity and responsibilities. "Industrial development of Jammu Kashmir, rejuvenation of startups and MSMEs is not merely a business exercise. It is your duty towards the nation. The rapid development of J&K's MSMEs and Startups is the collective responsibility of investors," the Lieutenant Governor told the VCs and Investors.
He also called for providing better resources and opportunities to the young and budding entrepreneurs of Jammu Kashmir.
He said the event will build awareness about the SRI Fund and inform the entrepreneurs about its active role in bridging the funding gap for MSMEs.
Pertinently, the main objective of SRI Fund is to enhance access to equity capital for Micro, Small, and Medium Enterprises (MSMEs)/Startups and extend the reach of venture capital to emerging regions. The SRI Fund, launched under the Aatmanirbhar Bharat Abhiyan, is Rs. 50,000 crore Fund of Funds Scheme designed to promote growth-oriented MSMEs through a Mother Fund–Daughter Fund structure. The event will introduce J&K-based enterprises to venture capital mechanisms and promote equity-based financing options for business growth and expansion.
Mercy Epao, Joint Secretary, Ministry of MSME, Government of India; Vikramjit Singh, Commissioner Secretary, Industries and Commerce department, J&K; Dr Subhranshu Sekhar Acharya, Chairman, NVCFL; Akshay Labroo, Deputy Commissioner Srinagar; Khalid Jahangir, Director JKEDI; Mussarat Zia, Director Handicrafts and Handlooms, Kashmir; senior officials, members of NSIC Venture Capital Fund Limited, officials of Industries and Commerce, JKEDI, business leaders, Venture Capitalists, investors, representatives of MSMEs and entrepreneurs were present—(KNO)