Centre Launches 'Venture Capital Fund' to Boost Tribal Entrepreneurship Under VCF, tribals will be able to avail investments between INR 10 lakh to INR 5 crore for up to 10 years and concessional finance at 4 per cent p.a with women and disabled getting capital at 3.75 per cent

By Entrepreneur Staff

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Union Tribal Affairs Minister Arjun Munda and President Droupadi Murmu/ PTI

On Saturday, President Droupadi Murmu inaugurated the tribal festival 'Aadi Mahotsav' in Major Dhyan Chand National Stadium in Delhi and announced the launch of 'Venture Capital Fund for Scheduled Tribes' to support entrepreneurship among the tribal population of the country.

Under VCF, tribals will be able to avail investments between INR 10 lakh to INR 5 crore for up to 10 years and concessional finance at 4 per cent p.a with women and disabled getting capital at 3.75 per cent.

A SEBI-registered VC initiative, VCF will be managed by IFCI Venture, a subsidiary of IFCI Ltd, a Government of India undertaking.

Aadi Mahotsav- A Celebration of Tribal Culture

On day one of the eight-day festival, President Murmu also highlighted how the tribal lifestyle offered a solution to the global climate change problem and called for collective efforts to protect their traditional knowledge, "Our tribal brothers and sisters have been taking care of the surrounding environment, trees, plants and animals in every aspect of their lives. We can take inspiration from their lifestyle. Today, when the whole world is trying to solve the problem of global warming and climate change, the lifestyle of a tribal community becomes even more exemplary."

She particularly shed light on the tribal's connection to nature and how modernisation had caused significant harm to the Earth and its resources, "In the face of climate change, replicating the tribal lifestyle becomes even more crucial."

Additionally, she emphasised on the technological deprivation among tribal communities, "It is not right that our tribal community be deprived of the benefits of modern development. Their contribution has played an important role in the overall development of the country and will continue to play an important role in the future also. It should be the endeavour of all of us to use technology for sustainable development and all-round development of all the people of the society, especially the deprived sections."

The 2024 edition will see 1,000 artisans from all over the country and about 300 stalls showcasing the tribal way of life in all its diversity through art, handicrafts, food, and products.

Entrepreneur Staff

Entrepreneur Staff

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