Punjab Government would set up a Venture Capital Fund in collaboration with private companies with an intention of providing financial assistance to new ventures in the state.
“We are in the process of setting up a venture capital fund in which state as well as private companies will be putting in money to give funds for setting up new projects coming up in the state,” Punjab, Principal Secretary, Industry and Commerce, S.S. Channy said here on Monday.
He further stated that the said fund would be managed by the private companies while adding that the government had sought Expression of Interest from the consultants to suggest ways of making it operational.
With an objective of upgrading and modernizing the existing small scale units, Punjab has proposed to set up 10 more Common Facility Centres (CFS) in various industrial clusters of the state.
“We will be proposing 10 more CFS for setting up in the state which will have Research and Development centre to upgrade the technology of Small units and approval of the same from centre will be sought in this regard,” he informed.
Punjab has already got approval of establishing 12 CFS at various locations in the state and 8 are in the pipeline.
Source: The Hindu