Some Dalit businessmen plan to launch a Rs 500 crore venture capital fund — India’s first community-focused fund. The Central government’s new procurement policy will open business opportunities worth Rs 7,000 crore for Dalit and s (ST) entrepreneurs. These entrepreneurs are now gearing up to tap this opportunity by launching their own venture capital fund and increasing their production capacities. The proposed Rs 500 crore venture capital fund will be the country’s...

Retirement at 60 means a relaxed life for most people. Not so for 70-year-old P Mukundan, managing director of Servals Automation Pvt Ltd, though. He did retire from his busy business life at 60 but chose to become a social entrepreneur after that. He started a social enterprise that is 'for-profit' but that touches the lives of those who live in rural areas all over the world. In 2002, Mukundan started manufacturing...

India’s microfinance institutions (MFIs), under pressure because of stricter rules in their largest market Andhra Pradesh and the consequent slump in repayments there, may get a boost from the Asian Development Bank (ADB). ADB is constituting a $250 million (around Rs1,135 crore) facility to offer guarantees against loans to MFIs extended by banks in the Asia-Pacific region where it operates, including India. The move is aimed at encouraging banks to lend...

The government has begun discussions with Dalit entrepreneurs on what can be done to promote business ventures set up by members of their community. As a part of its discussions with various groups before it finalizes the 12th Plan for 2012-17, the Planning Commission has sought suggestions from the Dalit Indian Chamber of Commerce and Industry (Dicci), a business group, on what can be done to spur Dalit capitalism, how these...

Indian Centre for Islamic Finance delegation makes presentation at Yojana Bhavan The Indian Centre for Islamic Finance (ICIF) has made out a strong case before Prime Minister's Economic Advisory Council member V. S. Vyas for introducing interest-free banking in the country at the earliest to ensure “inclusive growth with innovation” in accordance with the recommendations of the Planning Commission's Raghuram Rajan Committee. An ICIF delegation from New Delhi, led by its general...