Chandigarh: Over 10 months after Haryana chief minister Manohar Lal Khattar’s budget announcement in February on setting up of a Rs 200 crore venture capital fund (VCF) to help aspiring entrepreneurs establish startups, the project remains a non-starter. In fact, no money has been allocated for the proposed fund, according to deputy chief minister Dushyant Chautala, who holds the industries portfolio.
Khattar had announced setting up of a VCF to provide Rs 5 crore financial aid or support to women entrepreneurs, or those from reserved categories and having an annual income of Rs 1.80 lakh per annum.
The fact about non-allocation for the scheme came to light following a query by Badshahpur MLA Rakesh Daultabad regarding details of funds and the number of beneficiaries who have been given financial aid out of the VCF of Rs 200 crore.
While responding to a query on December 18, Dushyant Chautala had confirmed that it was part of the budget announcement. However, Chautala maintained that no allocation had yet been made for the VCF.
He said consultations have been undertaken with various financial institutions to investigate potential collaborations with stakeholders. “Elaborate proposals have been submitted by key stakeholders such as SVCL (SIDBI Venture Capital Limited) and IFCI (Industrial Finance Corporation of India), which are currently undergoing a thorough examination,’’ he said.
The deputy CM also said that extensive deliberations were held with women and SC entrepreneurs to comprehend the challenges they encounter, so that a policy addressing their specific needs is formulated. He also pointed out that there is no list of beneficiaries as no funds have been set aside.
The response has once again put the BJP-JJP government in the firing line of the opposition. Nuh MLA and deputy leader of the opposition Aftab Ahmed said, “It would not be surprising if it turns out to be another Jumla of the government. Such popular announcements are either not made, or the government must act with immediate effect. There could be other announcements like it,’’ he said.
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Khattar had announced setting up of a VCF to provide Rs 5 crore financial aid or support to women entrepreneurs, or those from reserved categories and having an annual income of Rs 1.80 lakh per annum.
The fact about non-allocation for the scheme came to light following a query by Badshahpur MLA Rakesh Daultabad regarding details of funds and the number of beneficiaries who have been given financial aid out of the VCF of Rs 200 crore.
While responding to a query on December 18, Dushyant Chautala had confirmed that it was part of the budget announcement. However, Chautala maintained that no allocation had yet been made for the VCF.
He said consultations have been undertaken with various financial institutions to investigate potential collaborations with stakeholders. “Elaborate proposals have been submitted by key stakeholders such as SVCL (SIDBI Venture Capital Limited) and IFCI (Industrial Finance Corporation of India), which are currently undergoing a thorough examination,’’ he said.
The deputy CM also said that extensive deliberations were held with women and SC entrepreneurs to comprehend the challenges they encounter, so that a policy addressing their specific needs is formulated. He also pointed out that there is no list of beneficiaries as no funds have been set aside.
The response has once again put the BJP-JJP government in the firing line of the opposition. Nuh MLA and deputy leader of the opposition Aftab Ahmed said, “It would not be surprising if it turns out to be another Jumla of the government. Such popular announcements are either not made, or the government must act with immediate effect. There could be other announcements like it,’’ he said.
We also published the following articles recently
Venture capital funds to startups drop 66% to $6.9 billion in January-November
India’s startup ecosystem continues to face a funding winter, with startups in India raising $6.9 billion across 1,013 VC funding deals during January-November 2023. This reflects a 65.8% drop compared to the previous year. The US startup ecosystem also experienced a decline, with 6,307 VC deals worth $104.5 billion. India accounted for 5.5% of global VC funding deals and 3.1% of disclosed deal value. Despite the funding challenges, VC firms still view India as an attractive market for promising companies.
India’s startup ecosystem continues to face a funding winter, with startups in India raising $6.9 billion across 1,013 VC funding deals during January-November 2023. This reflects a 65.8% drop compared to the previous year. The US startup ecosystem also experienced a decline, with 6,307 VC deals worth $104.5 billion. India accounted for 5.5% of global VC funding deals and 3.1% of disclosed deal value. Despite the funding challenges, VC firms still view India as an attractive market for promising companies.
Aid of 26,000cr may not have reached beneficiaries: Report
The comptroller and auditor general (CAG) suspects that grants of nearly Rs 26,000 crore did not reach beneficiaries of government schemes in the state in 2021-22. The CAG’s general overview of state accounts highlighted that utilisation certificates (UCs) for grants or aid received from the state or the Centre are to be submitted in 12 months. However, UCs worth Rs 25,759 crore are still to be furnished. The report also mentioned that the state’s liabilities increased by Rs 54,459 crore in a year, while public debt increased by Rs 49,907 crore. The per person liability stands at Rs 50,209.
The comptroller and auditor general (CAG) suspects that grants of nearly Rs 26,000 crore did not reach beneficiaries of government schemes in the state in 2021-22. The CAG’s general overview of state accounts highlighted that utilisation certificates (UCs) for grants or aid received from the state or the Centre are to be submitted in 12 months. However, UCs worth Rs 25,759 crore are still to be furnished. The report also mentioned that the state’s liabilities increased by Rs 54,459 crore in a year, while public debt increased by Rs 49,907 crore. The per person liability stands at Rs 50,209.
Why 2023 may have been the ‘year of Mac’ for Apple
In 2023, Apple focused on its Mac lineup, launching a variety of new models powered by M-series chips. The year started with the introduction of the M2 Pro and M2 Max MacBook Pros, followed by the M3-powered MacBooks. The Mac mini also received an upgrade with the M2 chip, offering a budget-friendly option. Apple unveiled the powerful Mac Pro and gave the Mac Studio the M-series treatment. The 15-inch MacBook Air bridged the gap between size and performance, while the M3 MacBook Pro models provided additional power. Apple also emphasized the Mac as a one-stop-shop for creative professionals, with upgrades to Logic Pro and support for gaming. Despite declining revenue, Apple expanded its Mac lineup to cater to different needs and buyers.
In 2023, Apple focused on its Mac lineup, launching a variety of new models powered by M-series chips. The year started with the introduction of the M2 Pro and M2 Max MacBook Pros, followed by the M3-powered MacBooks. The Mac mini also received an upgrade with the M2 chip, offering a budget-friendly option. Apple unveiled the powerful Mac Pro and gave the Mac Studio the M-series treatment. The 15-inch MacBook Air bridged the gap between size and performance, while the M3 MacBook Pro models provided additional power. Apple also emphasized the Mac as a one-stop-shop for creative professionals, with upgrades to Logic Pro and support for gaming. Despite declining revenue, Apple expanded its Mac lineup to cater to different needs and buyers.