These few lines perfectly describe Tamil Nadu – also known as the land of temples. The Madras Presidency was established in 1773, while the state of Madras was formed in 1950. The state was renamed as Tamil Nadu (land of Tamils) on January 14, 1969. Since then, Tamil Nadu has graciously embraced both its age-old traditions and new lifestyles. It is ranked as one of the top seven developed states in India based on RBI’s “Multidimensional Development Index” Report 2013, and is home to eight UNESCO World Heritage Sites.
Over the years, the state has also taken significant steps towards digitalisation and has been a forerunner in the IT sector. As part of its proposed e-governance initiatives, a large part of government records and major state government offices have also been computerised.
In keeping with the startup frenzy taking over India, the Tamil Nadu state government is also keen to promote entrepreneurial projects in the state. Recently, the state government revealed plans to set up a $77.4 Mn (INR 500 Cr) venture capital fund to boost the startup ecosystem in the state. The fund is proposed to be run with the help of industry experts.
As stated by Mangat Ram Sharma, Principal Secretary, Department of MSME Tamil Nadu, “The State government will provide money for the fund, which can start with $7.7 Mn (INR 50 Cr) or $15.4 Mn (INR 100 Cr) and gradually increase it to $77.4 Mn (INR 500 Cr).” He further stated that, “A global annual sourcing fair on the scale of the Global Investors Meet is being planned to be held in Chennai to provide both domestic and international companies a platform. The department will spend $1.5 Mn (INR 10 Cr) a year on this.”
Reportedly, Gopal Srinivasan, CMD, TVS Capital Funds Ltd has also urged the government to formulate a startup policy.
Source: Inc42