Lok Sabha Question No. 328 (UNSTARRED), answered on 2025-02-04
Subject: Venture Capital Fund for Scheduled Castes
Ministry: SOCIAL JUSTICE AND EMPOWERMENT
Asked by: Shri G M Harish Balayogi

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## GOVERNMENT OF INDIA MINISTRY OF SOCIAL JUSTICE AND EMPOWERMENT LOK SABHA

UNSTARRED QUESTION NO.328 TO BE ANSWERED ON 04.02.2025

## VENTURE CAPITAL FUND FOR SCHEDULED CASTES

## 328. SHRI G M HARISH BALAYOGI:

## Will the Minister of SOCIAL JUSTICE AND EMPOWERMENT be pleased to state:

- (a) the details regarding the number of beneficiaries, especially women, of Venture Capital Fund for Scheduled Castes during the last five years, State and year-wise, especially Andhra Pradesh;
- (b) the details regarding the amount of funds allocated and utilized in this regard during the said period, State-wise, especially Andhra Pradesh;
- (c) whether the Government has undertaken any measure for information dissemination about the scheme, if so, the details thereof and if not, the reasons therefor;
- (d) whether there is a grievance redressal mechanism for disputes resulting from the fund disbursement process and if so, the details thereof, if not, the reasons therefor; and
- (e) whether the Government has undertaken/planning to undertake any steps to make the process of necessary approval and licenses easier, if so, the details thereof, if not, the reasons therefor?

## ANSWER

## MINISTER OF SOCIAL JUSTICE AND EMPOWERMENT

(DR. VIRENDRA KUMAR)

- (a): The details of the number of beneficiaries, especially women, under the Venture Capital Fund for Scheduled Castes during the last five years State-wise, including Andhra Pradesh, are provided in the Annexure.
- (b): The Venture Capital Fund for Scheduled Castes is a demand-driven scheme; therefore, no specific allocation is made for any state under the Scheme.

(c): The Venture Capital Fund Ltd. for Scheduled Castes, implemented through IFCI Venture Capital Ltd., actively undertakes initiatives to expand the scheme's outreach. Key information dissemination measures include:

1. Webinars & Collaborations: MoUs with agencies like Start-up Tamil Nadu facilitate webinars educating SC/BC entrepreneurs on financial assistance. Webinars have also been held with Technology Business Incubators (TBIs) at institutions like Nehru Group, VEL TECH, Ablest Sastra, Amal Jyoti, and Indian Institute of Science's Innovation Centre.
- ii. Regular Engagement: IFCI Venture Capital Ltd. hosts webinars every month with industry experts, trade associations, and institutions, with more than 30 sessions conducted in FY 2024-25 so far.
- ili. Event Participation: The scheme is promoted through seminars, conclaves, and workshops by National SC-ST Hub, CII, DICCI, Start-up India, etc.
4. Marketing & Awareness: The scheme is promoted via multilingual brochures, nationwide advertisements, and social media.

(d): IFCI Venture Capital Limited has a Grievance Redressal Policy for its managed funds and a dedicated online grievance redressal portal. Beneficiaries can lodge complaints/grievances via email, in person, in writing, or through the said grievance portal. The grievances are targeted to be redressed within 90 days of their receipt.

(e): IFCI Venture Capital Limited has launched the FINTECH Portal to facilitate the online submission of documents for financial assistance under the scheme. Applicants can submit applications and upload required documents directly on the portal. The portal offers a simplified tracking mechanism to monitor the status from submission to fund disbursement, significantly reducing turnaround time (TAT) and streamlining the verification process.

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