Breaking News

You are here » Indian-Commodity  :  Economy  :  Government drops proposal to create three funds worth Rs 17,500 crore in Telecom sector

28-Jul2016

Government drops proposal to create three funds worth Rs 17,500 crore in Telecom sector

Government has dropped the plan to create three funds for telecom R&D, manufacturing, with a total corpus of Rs 17,500 crore, it was a proposal by the Working Group for Telecom Sector in the 12th Plan for promoting research and development and manufacturing of telecom equipments in the country, as it can be covered under the Electronic Development Fund (EDF).

Telecom Minister Manoj Sinha stated that since the EDF would also take care of R&D and manufacturing of telecom products, the proposal to set up three separate funds was dropped. Earlier, the Cabinet on December 10, 2014 approved a proposal of Department of Electronics and IT to establish an EDF. The EDF is a venture capital fund in the nature of 'fund of funds' to participate in professionally managed 'daughter funds'. Sinha further said that setting up of EDF is one of the important strategies which would enable creating a vibrant ecosystem of innovation and research and development.

The daughter funds will provide risk capital to companies developing new technologies in the area of electronics, including telecommunications, nano-electronics and information technology. Out of total funds, the panel proposed a Telecom Manufacturing Promotion Fund of Rs 10,000 crore, Telecom Entrepreneurship Promotion Fund of Rs 2,500 crore and Telecom Research Development Fund of Rs 5,000 crore.



Related News

View all news

Suresh Prabhu reviews proposed agriculture export, new industrial policies

Commerce and Industry Minister Suresh Prabhu has reviewed proposed agriculture export policy and new industrial policies. He also scrutinized various export promotion strategies. He said that the government......

India needs to improve wage policies to promote inclusive growth: ILO

In order to promote inclusive growth in India, the International Labour Organisation (ILO) in its latest report title 'India Wage Report: Wage policies for decent work and inclusive growth' has stated......

Need to boost crop productivity using fewer resources to double farmers' income: Niti Aayog

In order to achieve the target of doubling farmers' income by 2022, the Niti Aayog member Ramesh Chand has said that there is a need to boost crop productivity using fewer resources. He also pointed out......

Top News

View all news

CG Power's JV inaugurates HV, EHV factory in Indonesia

CG Power and Industrial Solutions' (CG) joint venture (JV) PT CPSI has inaugurated Indonesia's first High Voltage (HV) and Extra High Voltage (EHV) factory at the Modern Cikande Industrial Estate, Banten......

MCX inks MoU with Indian Cotton Federation: Report

Multi Commodity Exchange of India (MCX) has reportedly signed memorandum of understanding (MoU) with Coimbatore-based Indian Cotton Federation (ICF). The agreement is to facilitate potential collaboration......

RIL's telecom arm tops Fortune's 'Change the World' list

Reliance Industries' (RIL) telecom arm -- Reliance Jio -- has ranked as the top company globally on Fortune's 'Change the World' list that ranked companies using the profit motive to tackle social problems......