Govt taps into overseas students for new ventures against Covid; to help get clearances in 3 months

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Updated: April 27, 2020 4:27:19 PM

Skilling, Labour, Talent for MSMEs: The minister interacting with Indian students invited them to take advantage of new opportunities in multiple fields of research, innovation, management, medicine, higher education etc.

The government will provide necessary support to set-up new ventures.

Skilling, Labour, Talent for MSMEs: MSME Minister has urged overseas Indian students to participate in India’s response to the Covid-19 pandemic. The minister interacting with Indian students based in countries including the UK, Canada, Singapore, Australia, European countries etc. invited them along with scientists of Indian origin to take advantage of new opportunities in multiple fields of research, innovation, management, medicine, higher education etc. Gadkari was talking to students over video conferencing from 43 universities, a statement from MSME Ministry said. The minister also assured that the Indian government will provide the necessary support to new ventures through various modes such as a public-private partnership or a joint venture and his ministry will help them in getting necessary clearances in three months for the proposed venture.

The minister said that “remaining positive and making concerted efforts” is the way ahead for India to leverage the current challenge of Covid-19 crisis as an opportunity. Interestingly, multiple sectors such as telemedicine, done-based solutions, digital education, workforce collaboration tools etc., are likely to see renewed interest from entrepreneurs and investors as a consequence of Covid impact. “Telemedicine will certainly see traction as cities and hospitals get increasingly crowded. This would now be an expected norm and we might see some investment happening there. Another interesting area would be drone-based solutions for sanitation, farm monitoring, delivery of certain goods etc,” Anil Joshi, Managing Partner, Unicorn India Ventures had told Financial Express.

Also read: This many MSME loans are at higher risk of becoming NPAs in next 12 months: CIBIL

“A big push is being given to infrastructure development and to the growth of rural, tribal and agriculture sectors/areas,” Gadkari said stressing on the government’s focus on key areas. The minister had recently in an Assocham webinar said that the government is looking at a revolving fund of Rs 1 lakh crore to boost liquidity into MSMEs through banks that will be insured by the government itself. To encourage MSMEs raise capital through alternate sources instead of banks, the minister had said earlier this month that the government will buy 15 per cent of the amount raised by an MSME as equity stake from the Rs 10,000-crore Fund of Funds proposed by the MSME Ministry. According to Gadkari, the fund has been approved by the Finance Ministry and will be placed before the Cabinet soon for clearance.

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