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IT & Telecom ministry to launch Electronics Development Fund

IT & Telecom ministry to launch Electronics Development Fund 

  • The DEIT, under the Ministry of Telecom and Information Technology & M/s. Canbank Venture Capital Fund Ltd will launch Electronics Development Fund (EDF).
  • Union Minister Ravi Shankar Prasad will launch it formally with handing over of the letter of commitment to the first group of Daughter Funds under EDF.
  • Indian Government has appointed M/s. CANBANK Venture Capital Fund Pvt. Ltd. to house Electronics Development Fund (EDF) on 4th September 2015.
  • Electronics Development Fund
  • The Electronics Development Fund Policy was launched by Prime Minister of India Narendra Modi during the inauguration on 1st July 2015.
  • Electronics Development Fund is an initiative of IT Department is formulated as a “Fund of Funds” to participate in “Daughter Funds” which in turn will provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and Information Technology (IT).
  • The beneficiaries of the EDF will be:
    • Daughter Funds registered in India
    • Funds abiding by the relevant rules and regulations including the SEBI regulations on Venture Funds.
  • The corpus of a Daughter Fund will be determined by market requirements and the capacity of its Fund Manager to cater to the requirements of the Fund.
  • The supported Daughter Funds will promote innovation, R&D and product development within the country in the specified fields of electronics, nano-electronics and IT.
  • It will support the acquisition of foreign companies and technologies for products imported into India in large volume.
  • The core focus of the Daughter Funds would be to develop domestic design capabilities. The Daughter Funds supported will create a resource pool of IP within the country in the specified fields.
  • Advantages of EDF:
    • EDF enables the creation of an ecosystem for providing risk capital to both industry and academia to undertake research and development in these technology areas.
    • It will enrich the intellectual property in the country and encourage more entrepreneurs towards product and technology development.

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