One of the largest international financial organizations supported by the Japanese government, the japan international Cooperation Agency (JICA), has decided to lend Rs 1,336 crore to telangana to foster the state's startup culture and increase job development. According to reports, the agency and the indian government have established a credit deal in this respect.

The project's goal is to identify and encourage potential entrepreneurs, particularly women and those living in rural regions, by offering subprojects that focus on market creation, infrastructure development, financial support, and capacity building.  The loan agreement was signed by SAITO Mitsunori, Chief Representative of JICA India, and Vikas Sheel, Additional Secretary, Department of Economic Affairs, Union Ministry of Finance.
 
"This initiative is strategically designed to extend support not only to urban entrepreneurs but also to women and aspiring business leaders in rural areas, fostering inclusive economic growth," said an official statement issued on Tuesday.
 
The announcement stated, "This is the JICA's first attempt to assist a state government in promoting innovation and the start-up ecosystem through an ODA loan."
 
It also said that "support for start-ups, commercialization, and support for business expansion" are the three components of the project's exploration of entrepreneurs.
 
Additionally, the project would make it easier for Japanese start-ups to establish themselves in telangana and undertake proof-of-concepts (PoC) for their enterprises.
 
The statement went on to say, "This is expected to attract investments from Japanese companies, further enriching the collaborative landscape between the two countries."
 
The government of Telangana's Department of IT, Electronics, and Communications will oversee the project's implementation.
 
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SIBY JEYYA

21/02/2024 08:39 AM