MP creates Rs 100 cr venture fund for entrepreneurs: Chouhan

Hyderabad, Sep 21 (PTI) Madhya Pradesh government hascreated a Rs 100 crore venture fund for budding entrepreneurswith innovative ideas for setting up industries, ChiefMinister Shivraj Singh Chouhan said here today. A senior official of Madhya Pradesh government saidthey may announce a Startup Policy on October 1. Chouhan, who was in the city on a road show for theupcoming ‘Global Investors Summit-2016′, also said the statehas now become power surplus and would support investors with"customised packages". "There are huge opportunities for heavy to small scaleindustries in MP. Every sector has different policy. There arecustomised packages also for setting up industries. "We have created a venture capital fund of Rs 100crore. If somebody with an innovative idea wants to set up anindustry, we will invest in the company. After the companybecomes successful then we will withdraw the amount and investin other company," Chouhan told reporters on the sidelines ofthe investors’ meeting. He said MP, which was "sick state" ten years ago, isnow zooming with 10 per cent annual growth rate. According to him, the agriculture sector has beengrowing at over 20 per cent for the past four years. Inviting investors to the central Indian state,Chouhan said Madhya Pradesh is quite ideal for setting upindustries as it has huge land bank and industry-friendlypolicies. "There is no inspection Raj. There is no harassment orred tapism in the government," he added. A senior official of the state government said MadhyaPradesh received investment proposals worth over Rs 6 lakhcrore during the Global Investors’ Summit held in 2014, withover 50 per cent if it translating into reality. This year the summit will be held on October 22 and 23in Indore, the commercial capital of MP. PTI GDK GK BSABAS