LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary
Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF.
Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned.
"I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs.
On the Rs 10,000-crore Fund of Funds, the secretary s...