Das Govt’s big boost to Startup India policy

In a major institutional support to facilitate young and innovative entrepreneurs, the Government has gone on setting up a venture capital fund with a corpus of Rs 50 crore. Three societies or companies would be formed under this to help the proposers coming under the scheme in the State.

Informing about the decision taken by the Cabinet on Tuesday, Additional Chief Secretary Sukhdev Singh said that the venture can also accumulate additional fund from the market to promote Startups in Jharkhand.

“In order to promote youths coming up with workable and innovative proposals for a startup would get desired assistance through the venture capital fund having initial capital of Rs 50 crore. Three societies, namely Jharkhand Startup MSME Fund, Jharkhand Capital Trustee Limited and Jharkhand Venture Capital Limited would be setup.

Also, an apex management body would be in place for which a firm ‘Gujarat Venture Fund Limited’ has been appointed,” said the official after the meeting.

In another important decision, the Cabinet made a provision of Rs 185.57 crore for building solid waste management system in Sahibgunj and Rajmahal under the ‘Namami Gange’ project. The project would come up on PPP mode and the allocated fund is inclusive of operation and maintenance cost.

“Ganga flows through Jharkhand for about 20 kilometers. The project is to be taken up on PPP mode. Out of Rs 185.57 crore, Rs 164 crore is for operation and maintenance cost for 20 years. The Centre’s share is Rs 8.23 crore under Swacch Bharat Mission. Income coming from composting, scarp selling, recycling would be about Rs 90 crores in 20 years,” said Singh. Also, Rs 113.52 crore has been sanctioned for solid waste management in Chakradharpur.

This apart, an umbrella body for managing new and existing tool rooms under the Jharkhand Government has been approved and named as ‘Jharkhand Government Tool Room Society’. Also, the Cabinet approved the rules formed for management of lifts and escalators under the Act already approved for this purpose in 2017. “The rules are about how to register, process of application, inspection, approval and responsibilities of the owners in maintaining the lifts and escalators,” added the official.

The Cabinet, at the same time, rationalised postings of excise inspectors, additional excise inspectors, assistant excise inspectors and some other staffs without making any fresh recruitment. The exercise is expected to up the revenue collection coming from excise. Medical fitness certificate issued by RIMS medical board in police recruitments would be final.