Venture Capital Fund Scheme for SC Entrepreneurs

Mr. Shripad Yesso Naik, Minister of State for AYUSH launched “Elixir for Life”, an Ayurvedic Proprietary Medicine.

This product has been produced by a beneficiary of the Venture Capital Fund Scheme for Scheduled Caste (SC) Entrepreneurs launched by Ministry of Social Justice & Empowerment in 2014-2015.

The beneficiary M/s Mallur Flora & Hospitality Ltd. No. 11, RBI Colony, Bengaluru has been financed by Ministry of Social Justice & Empowerment, Government of India (IFCI) and Department of Welfare Govt. of Karnataka (KFSC).

About Scheme:

The Ministry of Social Justice & Empowerment launched the Venture Capital Fund Scheme for Scheduled Caste (SC) Entrepreneurs in 2014-2015.

50 SC entrepreneurs have till now benefitted from the scheme. The Scheme has helped the entrepreneurs in achieving economic empowerment.

Objective of the Scheme:

The objective of the Venture Capital Fund Scheme for Scheduled Caste are as follow:-

1. It is a Social Sector initiative to be implemented nationally in order to promote entrepreneurship among the scheduled caste population in India.

2. Promote entrepreneurship amongst the Scheduled Caste who are oriented towards innovation and growth technologies.

3. To provide concessional finance to the scheduled caste entrepreneurs, who will create wealth and value for society and at the same time will promote profitable businesses. The assets so created will also create forward/ backward linkage. It will create chain effect in the locality.

4. To increase financial inclusion for SC entrepreneurs and to motivate them for further growth of SC communities.

5. To develop SC entrepreneurs economically.

6. To enhance direct and indirect employment generation for SC population in India.

Estimated SC Entrepreneur Population

As per Census 2011, the SC population is 20.13 crore, which constitutes 16.62% of the total population in India.

There is a huge potential in such a large economy like ours for such schemes out of which SC population can prosper and get opportunities to progress into the main stream.

Although, there is no reliable data on the profile of SC Entrepreneurs, but still, as per the rough estimates of various stake holders such as Dalit Indian Chamber of Commerce and Industry (DICCI) etc. there are 1000 Dalit entrepreneurs with combined turnover of Rs. Sixty Thousand Crore.

There are approx. 50 companies with turnover of Rs. 10 crore or more.

Hence, there is a huge demand for providing concessional finance to such companies which can uplift these businesses and such entrepreneurs.