UP Government Signs MoU with SIDBI for ‘UP Start-up Fund’ to Boost Employment
- The Uttar Pradesh government under Chief Minister Yogi Adityanath has launched the ‘UP Start-up Fund’ on 20 May 2020, to boost job creation in the state.
- The fund will motivate more and more youths to establish their own startups in the state as well as provide employment opportunity to large number of migrant, coming to the state, as per their skill.
- The fund has been set up under the UP Information Technology and Start-up Policy 2017.
- CM Adityanath handed over cheque of the initial contribution of Rs 15 crore towards the Fund, while signing the MoU with SIDBI.
- The Small Industries Development Bank of India (SIDBI) will be the fund manager.
- The ‘UP Start-up Fund’ will be in the form of Fund of Funds.
- In this model, the fund will not be invested directly into start-ups, rather it will participate in Securities and Exchange Board of India (SEBI) approved Alternative Investment Funds, to support the start-ups.
Source: Business Standard