Punjab & Region

To encourage private investment, state govt establishes Punjab innovation mission

The Fact News Service

Chandigarh, December 3

To encourage the start-up system in the state, the cabinet headed by Chief Minister Captain Amarinder Singh on Wednesday cleared the way for the establishment of Punjab Innovation (latest) Mission and Punjab Innovation Fund.

To achieve the goal of Punjab Latest Mission, it is proposed to set up a Punjab Latest Fund of Rs 150 crores to invest in start-up infrastructure in Punjab. The maximum limit of government stake in this fund has been fixed at 10 percent of the total amount of Rs 15 crore. The fund will be managed by an asset management company comprising investors from a global level. The first chairman of this mission and fund is Pramod Bhasin, chairman of Click Capital and founder of Jainpack.

During the cabinet meeting held in a virtual manner, Bhasin informed that he will raise the remaining amount of 135 crore rupees from Punjabi traders and investors besides people residing abroad and government and private financial institutions.

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