IFFCO offer to create Rs 10 crore corpus fund has been well received on social media with thousands of readers going through the piece throughout Tuesday. No sooner had we put the piece titled “Start-up India: IFFCO moves forward; earmarks Rs 10 cr”, than over a thousand people read the story and counting.
Readers would recall that earlier on Monday IFFCO MD Dr U S Awasthi announced a corpus fund of Rs 10 crore for supporting novel concepts. The fund would be used to tap the startup segment of the market, Awasthi had noted.
Another reason for this story’s popularity is the wide coverage given to the news item by the media. The business editions of all the major news papers from Hindu to ET to Business Standard gave prominence to the piece. Even the Money Control-the agency which is into hard core share and business news carried the story by Tuesday evening.
Talking to Indian cooperative news analysts said it is due to the nature of announcement that it has got such a coverage. “Imagine the results if other corporates follow in IFFCO’s foot-steps; India will witness unprecedented surge in start-ups and the dream of Prime Minister Modi will come closer to realization”, they underlined.
There is a hell of a lot of difference between govt initiative and public participation. For an idea to succeed people in general have to get on board, they argued.
Modi’s govt on its part has asked each branch of PSU banks across the country to fund at least two start ups-one by a woman and the second one by a dalit. Modi hopes to ignite a massive entrepreneurial revolution in the country through this initiative.
Come January 16 the govt is all set to announce its policy on Start up India; Stand up India. It is heartening to note the role being played by cooperatives in this grand mission, said several cooperators to Indian Cooperative.