Startups should be encouraged in the hilly areas of the state under Uttarakhand Venture Fund, Chief Secretary Radha Raturi gave instructions
Chief Secretary Radha Raturi has directed to give preference to such Alternative Investment Funds (AIFs) to be selected under the Uttarakhand Venture Fund, through which a solid positive impact is seen on the economy of Uttarakhand and employment generation, technical partnership and capital investment are encouraged in the state. The CS has clarified that only the Alternative Investment Fund running on the theme of Uttarakhand Startup Policy 2023 should be selected for investment. Chief Secretary Radha Raturi has directed that priority should be given to such Alternative Investment Funds which are interested in investing in the main focus sectors of the state and emerging technology.
Chief Secretary Radha Raturi has given instructions to encourage startups in the hilly areas of the state under the Uttarakhand Venture Fund of Rs 200 crore. The CS has given instructions to assist in setting up startups related to agriculture, fisheries, horticulture, dairy in the hilly areas. Under social venture, he has directed to help more and more women self-help groups and women to set up startups through production and processing of local products, especially local millets. The Chief Secretary has also directed to encourage startups based on the use of Pirol. He has also directed to connect the Rural Development Department with this work.
Chief Secretary Radha Raturi has directed to encourage private sector investment in the startup ecosystem of the state by taking advantage of public funds under the Uttarakhand Venture Fund. He has also directed to provide development fund or venture loan to startups that benefit the economy of Uttarakhand. The Chief Secretary has directed that the youth of Uttarakhand should be encouraged to register their startups.
It is known that IIT Roorkee and IIM Kashipur are the main ecosystem partners in the Uttarakhand Venture Fund of Rs 200 crore. The main objective under Uttarakhand Venture Fund is to encourage private sector investment in the startup ecosystem of Uttarakhand, encourage the youth of Uttarakhand to register their startups and create positive economic and social impact in Uttarakhand. Under the Uttarakhand Startup Policy 2023, a target has been set to establish the state as a startup hub for all ecosystem players in the next 5 years. So far, the state has a total of 1092 startups, 13 state recognized incubators and more than 200 registered mentors. Dehradun district has the highest number of 549 startups and 7 incubators, Haridwar has 200 startups and Udham Singh Nagar has 112 startups. The state of Uttarakhand moved from Aspiring State to Leading State in the SRF 21 ranking in the year 2022 and the state was successful in maintaining its leader rank in the year 2023 after establishing a venture fund of 200 crores and declaring U Hub Innovation Center.
On Thursday, Chief Secretary Radha Raturi held a meeting in the Secretariat regarding the guidelines related to the operation of Uttarakhand Venture Fund. Secretary Mr. Vinay Shankar Pandey, Additional Secretary Mr. Rohit Meena, Mr. Manuj Goyal and concerned officials of the Industry Department were present in the meeting.
