Manipur: CM launches new startup scheme, inks MoU with NEDFi
Manipur CM N Biren Singh at the launch of Venture Fund for Manipur Startup Scheme 2.0

Imphal: Manipur Chief Minister N Biren Singh on Saturday launched the Venture Fund for Manipur Startup Scheme 2.0 in collaboration with the North Eastern Development Finance Corporation Ltd (NEDFi).

The launch was held during the Manipur Startup Workshop that was held in Imphal. The workshop was jointly organised by the state department of planning and the department for the promotion of industry and internal trade, Government of India.

Addressing those present at the workshop, Singh maintained that his government aims to provide a source of earning to every household in the state. The government has taken up various schemes and initiatives to provide direct and indirect employment to at least one member of each family, he said.

The CM further said that since the formation of his government in 2017, priority has been given towards the employment of as many youths as possible by initiating the Manipur Startup Scheme.

Around 6,000 startups have been given financial assistance under the scheme so far. The investment made by the NEDFi has also made it possible for many startups to expand their operations, he added.

Hesaid the startup scheme has turned the youth from job seekers to job creators.
Stressing that the youth are the future of the state, Singh said that Rs 10 crores each for Imphal West, Imphal East, and Churachandpur have already been sanctioned for setting up youth skill centres. Another 5 crores each have also been sanctioned for Senapati, Ukhrul, and Chandel districts.

Singh said that various initiatives including the ‘Go to Village’ and ‘Go to Hills’ have been taken up to bring inclusive development in the state. He added that Manipur is marching ahead towards development, with agitations becoming a thing of the past.

A senior government official has been given charge of each sub-division of Manipur to ensure that infrastructure development reaches every nook and corner of the state.
Speaking on the developmental work including the construction of the seven-storey government quarters at New Checkon, the Sangai Ethnic Park, the amusement park at Thengu Chingjin, and the Heritage site at Makhel, Singh said that the state could attain a higher level of development if the same pace is maintained.

He raised concern that only a few people with innovative ideas have approached to benefit from the startup scheme.

He urged the youth to gain expertise in the IT sector as the world is advancing rapidly with the arrival of 5G services, adding that the state is lagging in this field.

He also informed that the corpus fund set aside for the Manipur Startup Scheme has been increased from Rs 30 crores to Rs 100 crores and appealed to the youth to benefit from the scheme.

NEDFi chairman and managing director PVSLN Murty said that the launch of the first-ever Venture Capital for Startups will be a memorable one in Manipur’s history.

Murty credited the chief minister’s initiative that has led to the launch of the venture capital startup in Manipur.

During the programme, a Memorandum of Understanding (MoU) was signed between the Government of Manipur and NEDFi.

The CM distributed prizes to the winners of the Techstar Startup Weekend organised by the Manipur Institute of Technology (MIT). Eco Youth from CIPET was awarded a cash award of Rs 25,000 as the first prize, Alleviate from MIT received Rs 15,000 as the second prize, and Tanja from Manipur Technical University was awarded Rs 10,000 as the third prize.

Chief secretary Rajesh Kumar, Additional Chief Secretaries MH Khan and V Vumlunmang, Director, Planning N Kulkarni Devi, officials of the department for the promotion of industry and internal trade, NEDFi, academicians and entrepreneurs attended the programme.

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