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State to set up venture firm with MSME fund: CM [Bhopal] [Times of India](Times of India Via Acquire Media NewsEdge) BHOPAL: Ten days before the global investment summit to be held in Indore from October 8 to 10, Madhya Pradesh government has decided to set up a venture capital fund company with an initial sum of Rs 100 crore MSME fund (micro, small and medium entrepreneurs). Addressing a press conference, chief minister Shivraj Singh Chouhan said on Sunday that the company will help set up new industries. Referring to recommendations made during the two -day exercise of Manthan for good governance, Chouhan said that after the improvement of credit rating of Madhya Pradesh from 'B' category to 'A', there was a recommendation to mobilize Rs 10,000 crore fund from the market through the state government undertakings. He said MP has now joined the elite club of Gujarat, Maharashtra, Andhra Pradesh and Karnataka - the states which have 'A' category of credit rating. "We have decided to implement the recommendations of setting up of MSME fund and generation of funds from market with immediate effect," he said. There was another recommendation that we have decided to execute is to set up a non-profit company with the corporates to work under the social- corporate responsibility of the companies. This would further give a fillip to the development in the state, he added. According to Chouhan after a recommendation for administrative reforms, the government has constituted a cabinet committee to suggest the reforms. He said that "reform "would be a continuous process. He also said that the government has decided to standardize working of some government offices through ISO certification. He said that there was another recommendation during the brainstorming session. "It is about introducing surcharge on tobacco and liquor and the money generated through the surcharge should be used in further strengthening the health services in the state. This will also be implemented as soon as possible." According to Chouhan, there were as many as 450 recommendations given by 150 officers of the government. He said in previous manthans, 750 recommendations were made and almost 500 of them have already been implemented. (c) 2014 Bennett, Coleman & Company Limited |