Why in News ?

Union Minister for Social Justice and Empowerment e-launched the Ambedkar Social Innovation and Incubation-Mission (ASIIM) under Venture Capital Fund for SCs.

Ambedkar Social Innovation and Incubation-Mission (ASIIM)

• To promoting innovation and enterprise among SC students studying in higher educational institutions.
  • In a view to developing entrepreneurship amongst the SC/Divyang youth and to enable them to become job-givers.
• Objective of this fund is to provide concessional finance to the entities of the SC entrepreneurs.
  • To promote entrepreneurship among the SC Youth with special preference to Divyangs
  • To support 1,000 innovative ideas till 2024 through a synergetic work with the Technology Business Incubators (TBIs) set up by Department of Science and Technology
  • To support, promote, hand-hold the start-up ideas till they reach commercial stage by providing liberal equity support
  • To incentivise students with innovative mind-set to take to entrepreneurship with confidence.
• Under this fund 117 companies promoted by SC entrepreneurs have been sanctioned financial assistance to set up business ventures.
• Ambedkar Social Innovation Incubation Mission (ASIIM) initiative, 1,000 SC youth would be identified in the next 4 years with start-up ideas through the Technology Business Incubators (TBIs) in various higher educational institutions.
• The budget of ASIIM for the next four years has been kept at Rs 19320 lakhs.
• They will be funded Rs. 30 lakhs in 3 years as equity funding so that they can translate their start-up ideas into commercial ventures.
• Successful ventures would further qualify for venture funding of up to Rs. 5 Crore from the Venture Capital Fund for SCs.
• ASIIM initiative will be implemented by the Venture Capital Fund for SCs (VCF-SCs)

Venture Capital Fund for SCs (VCF-SCs)

• It was set up in 2016 with the Fund size of Rs. 500 Cr.
• Since its inception, VCF-SC has sanctioned financial assistance to 118 companies to the tune of Rs. 444.14 crore.
• In order to further motivate and encourage Innovative entrepreneurial Startups, Minister for Social Justice and Empowerment has modified the Venture Capital for Scheduled Castes (VCF-SC) guidelines
  • Aims to keep focused attention in providing equity support to entities/companies of young SC entrepreneurs working on innovative and technology-based ideas.
• Target SC students / young entrepreneurs working in Technology Business Incubators (TBIs) supported by Department of Science and Technology (DST) in higher education and technology institution including Business / Management schools.

Source : PIB 

Topic

GS II : Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections

Current Affairs Compilation : 1 October 2020