Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek has said that the govt is strongly considering to enable pension funds as well as insurance firms such as LIC to invest in startups, in order to provide favourable policies for budding entrepreneurs and their ideas.
The secretary, who was speaking at the World Economic Forum’s India Economic Summit 2016, informed that he has written to about 100 companies to use their CSR fund to set up incubators to groom startups and added that the govt has already set up a Rs 10,000 crore ‘Fund Of Funds’, which will in the coming years help mobilise private investments worth around Rs 50,000 crore for investments into startups in the country.
