By Mumtaz Alam, IndiaTomorrow.net,
New Delhi, 16 Jan 2015: In run up to the Delhi Assembly elections due early next month, the central government of Bharatiya Janata Party launched a mega economic empowerment scheme for Scheduled Castes (SC) communities with Union Minister of Social Justice & Empowerment, Thaawar Chand Gehlot flagging off the ‘Venture Capital Fund for Scheduled Castes’ here in the national capital on Friday.
The government has launched the scheme with initial capital of Rs. 200 crore. IFCI Ltd. (Industrial Finance Corporation of India) will act as Sponsor, Settler and Asset Management Company (AMC) / Nodal Agency to operate the scheme, said the government adding that the IFCI Ltd. would contribute Rs.50 crore which would comprise Rs.5 crore as sponsor and Rs. 45 crore as investor.
“It is a Social Sector Initiative to be implemented nationally in order to promote entrepreneurship amongst the SCs who are oriented towards innovation and growth technologies,” said the Ministry for Social Justice & Empowerment.
Besides this scheme, the government also launched ‘Green Business Scheme’ for providing financial assistance to SCs. Under this Scheme, loan for unit cost up to Rs.1 lakh at concessional rate of interest will be provided to Scheduled Castes for activities such as e-rickshaw, Solar Pump and Solar energy powered implements, poly house etc.
Cabinet Minister Gehlot said: “The aim of ‘Venture Capital Fund for Scheduled Caste’ is to provide support and concessional finance. Under the scheme, financial assistance up to Rs.15 Crore for a period up to 6 years would be provided to the SC entrepreneurs.”
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Union Minister for Social Justice and Empowerment, Thaawar Chand Gehlot presenting the cheque to the IFCI at the launch of Venture Capital Fund for Scheduled Castes, in New Delhi on 16 Jan 2015. (Photo – PIB)
He expressed that this scheme would motivate SC Entrepreneurs for contributing in national growth as well as to enhance direct and indirect employment generation.
Election gimmick to appease 17% of Delhi population
However, Opposition parties are set to brand the announcement as an appeasement measure for a big chunk of the Delhi electorate ahead of the state assembly election here. According to the Census 2011, Delhi has a population of 13,850,507 – some 2,343,255 (i.e. 16.9%) of them are from Scheduled Castes.
The government has made the announcement just three weeks before the polls. Delhi is going to elect new government on 7th February. Votes will be counted on 10th Feb.
It is most likely to be a direct fight between Aam Aadmi Party and BJP. However, it is not unlikely that Congress may bounce back convincing the electorate that the central government of BJP has failed to deliver development promises in last six months while AAP is unreliable at least for a stable government. AAP leader and then chief minister Arvind Kejriwal had resigned after 49 days in power on Lokpal issue in February last year. His party had won 29 seats in Dec 2013 polls and with outside support of Congress, he had formed the government.
Objectives of Venture Capital Fund for Scheduled Castes
According to the government, following are the main purposes of the scheme:
— To provide concessional finance to the SC 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 further create chain effect in the locality.
— To increase financial inclusion for SC entrepreneurs and to motivate them for further growth of SC communities.
— To develop SC entrepreneurs economically.
— To enhance direct and indirect employment generation for SC population in India
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