Karnataka Govt Signs up 21 Firms to Turn ST/SC Youth into Entrepreneurs
In a bid to help startups grow and expand, the Karnataka state government has signed up 21 firms including Uber, Ola, Swiggy and Bata for its ambitious programme called Samruddhi. The programme aims at creating 10,000 entrepreneurs annually over the next three years from among the SC/ST youth.
Under this, once the youth is skilled and certified by the partner enterprises, he will be free either to opt for a job or start their own venture with seed funding from the Social Welfare Department. The funding support will go up to Rs 10 lakh.
For Samruddhi, the stated government has set aside Rs 800 crore. The seed fund approach is a step away from the traditional business loans as the government saw a potential for misuse of these loans.
“What we are doing is India’s most aspirational ski...