Friday, October 23, 2020
Home Industries Government Central Government’s new scheme to boost Dalit startups

Central Government’s new scheme to boost Dalit startups

Ambedkar Social Innovation Incubation Mission seeks to build 1,000 Dalit startups by tech professionals over three years.

The next three years will witness a boom in Dalits startups, thanks to a government initiative in the pipeline. Aiming to create 1,000 startups of professionals belonging to the Scheduled Castes, the center intends to facilitate the transformation of these startup ideas to take shape into commercial launches with the best conducive technological facilities. 

Titled, ‘Ambedkar Social Innovation Incubation Mission’ (ASIIM), the social justice and empowerment ministry program will nurture these entrepreneurial plans of ambitious young Dalit techies. The move will be a radical change in the professional aspirations of those from these marginalized sections. With this opportunity, the new generation of youth can pursue their professional interests and indulge in innovation and entrepreneurship. 

A total budget of Rs. 308.8 crores have been allocated for ASIIM, which will run from 2020-24. The funds will be directed through the social justice ministry’s ‘Venture Capital Fund for SCs’, managed by the IFCI Venture Capital Fund Limited

The program will run with the creation of a ‘national social innovation hub’, which will harness entrepreneurial initiatives of central ministries and state governments and plan the extension policies for the proposals. Government bodies, chambers of industry, CSR departments, social enterprises, multilateral aid agencies, and international incubation centers will be approached to support and generate resources.

A separate ‘business incubator hub’ will provide support with innovation and finance for the startup ideas of these Dalit startups. It will associate with technology business incubators in leading tech institutions worldwide to expand upon the ideas under ASIIM.

A team of specialized service providers such as chartered accountants, digital marketers, and legal advisors will be assembled in the final stages to help launch the initiatives. Commercial banks, Venture Capital Funds, Angel Investors will help in providing financial assistance. 

The progress of a country depends upon all sections of its society, and ASIIM is an encouraging move in the direction of providing a fillip to the Dalit techies in India. Much of India’s talents lie in these untapped sections, who perhaps remain undiscovered for want of financial aid and security. Government efforts such as ASIIM will hopefully see the rise of the nation’s economy with more equitable representation of the population.

Charishma Thankappan
Charishma Thankappan
Charishma is a postgraduate in English Literature and a writer and editor by profession. Culture and languages fascinate her, and therefore, she is learning Spanish, German, Dutch, Turkish, Arabic, and Norwegian. She loves reading historical and mythological fiction. She dreams of owning a huge land, which will be home for stray cats and dogs.
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments

SUBSCRIBE

Most Popular

Say hello to creative industry: New hub for startups

With more and more people engaging in the consumption and creation of creative content across platforms, the opportunities for the startup businesses in the creative industry have been observing a growth in the COVID-19 period. Therefore, it is safe to say that in near future the creative industry can be considered as new hub for startups and startup business ideas.

Lido Learning to Raise $30 Million via Curefit, Bytedance

The ongoing pandemic has brought education technology to the forefront. EdTech startup, Lido Learning to raise $30 Million as a part of its extended Series B funding.

Can startups turning CO2 into vodka save the climate?

The carbon-negative vodka is made from the air (CO2) and water. The theory from startups turning CO2 into vodka promises to help stem global warming.

Mental health and well-being of children: An eye-opener

Jammu schools constitute a psychological task force in addition to the pre-established counseling services to fight the growing mental health and well-being issues.
error: Content is protected !!
0
Would love your thoughts, please comment.x
()
x