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LIC, EPFO to set up funds for start-ups
August 17, 2021
Life Insurance Corporation of India and Employees’ Provident Fund Organization (EPFO) have expressed their willingness to set up funds for start-ups to help building entrepreneurs, a senior official said on Monday.
Additional Secretary in the Department for Promotion for Industry and Internal Trade (DPIIT) Anil Agrawal said it was decided that a portal will be created by the Small Industries Development Bank of India (SIDBI) for funding purposes for start-ups. These issues came up in the meeting of the National Startup Advisory Council.
Agrawal said several initiatives are in progress to strengthen the startup environment in the country.
Around 16 projects have been identified for the sector and it was shared with all the members of the committee, he told PTI.
Agrawal also said that Manoj Kohli from SoftBank wants to make a national mentorship program.
“Today chairman LIC was there (in the meeting). He committed to set up a fund for start-ups,” he said, adding EPFO also has expressed the willingness for setting up a similar investment fund for start-ups.
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