India supports entrepreneurs in Scheduled Caste

Entrepreneurs in the Scheduled Caste in India gain a boost from a R2.5bn ($38.5m) fund created by the Ministry of Social Justice and Empowerment.

The Ministry of Social Justice and Empowerment in India has created a R2.5bn ($38.5m) venture capital fund aimed at supporting entrepreneurs from the Scheduled Caste.

The fund will be made up of a R2bn investment from the Ministry of Social Justice and Empowerment with the remaining R500m coming from the Industrial Finance Corporation of India, an Indian-government owned bank.

Vijay Sampla, minister of state for social justice and empowerment in India, said that R2bn will be reserved for the fund each year.

Sampla said: "Out of this fund, Rs 50 lakh to Rs 15 crore easy loan will be given to the prospective Scheduled Caste entrepreneurs for setting up industry. He can return loan in easy instalments out of the profit." According to the 2011 census, the Scheduled Caste comprises about 16.6% of India's population. Scheduled Caste is an official designation for those people that have been historically disadvantaged.

See more from this Government Report: India


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