Patna, Sept 6: The Bihar government today gave its nod for the launch of a Start-Up venture capital fund, which will encourage young entrepreneurs in the state to start new ventures.
The approval to the Start Up policy, 2016 was given at a meeting of the cabinet presided over by Chief Minister Nitish Kumar. The Start-Up venture capital of Rs 5,000 crore formed part of the CM's 'seven resolves', which the grand secular alliance government has adopted as policy of governance for the next five years.
The cabinet gave its nod to 31 proposals of different departments at the meeting this evening, Principal Secretary Cabinet Coordination department Brajesh Mehrotra told reporters. The state cabinet gave its go ahead to Information and Public Relations Department proposal to revise advertisement rates as part of state Advertisement Policy, 2016.
In another decision pertaining to the Urban Development and Housing department, the cabinet cleared a proposal to dedicate 30 per cent of revenue of urban local bodies for the Chief Minister's drinking water project, 20 per cent for building sewage pipes and others and the rest 50 per cent for spending by the urban local bodies to meet expense of salary, pension and waste management.