Northeast Current Affairs

Government invites startups for Northeast Venture Fund

The Ministry of Development of Northeast has invited start-ups from all over country to avail benefits of Northeast Venture Fund in a bid to make Northeast India favourite destination for young Startups.

The dedicated Venture fund aims to remove constraints faced by youngster when he sets out to be on his own by providing financial relief. Further it seeks to tap vast unexplored avenues in Northeast for generating livelihood particularly in fruit, food, handicraft and tourism industry.

Northeast Venture Fund (NVF)

NVF is first dedicated venture capital fund for North-Eastern region. It has been set up by North Eastern Development Finance Corporation Ltd (NEDFi). Its purpose is to encourage entrepreneurship in North-eastern region, primarily by offering support to first-generation entrepreneurs. In addition, NEDFi performs role of hand-holding and capacity building.

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India, Japan ink MoU set up India-Japan Act East Forum

India and Japan have signed a memorandum of understanding (MoU) to set up India Japan Act East Forum to enhance connectivity and promote developmental projects in Northeast India.

It was one of the 15 major agreements signed between both countries during Japanese Prime Minister Shinzo Abe’s visit to India for the 12th Indo-Japan annual summit.

Key Facts

The purpose of forum is to converge India’s Act East Policy with Japan’s Free and Open Asia-Pacific strategy in the backdrop of China’s One Belt One Road initiative. It will enhance connectivity and promote developmental projects in India’s Northeast region in an efficient and effective manner. It can complement India’s connectivity initiatives in Bangladesh, Myanmar and beyond, besides BBIN (Bangladesh, Bhutan, India, Nepal) and BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Motor Vehicle Agreements.

Background

Japan has historic connection with India’s northeast and is among few countries that India has allowed a presence in eight landlocked northeastern states which are India’s gateway to ASEAN members countries. Japan has cooperated with variety of development projects in Northeast, ranging from connectivity infrastructure such as roads and electricity, water supply and sewage and environmental conservation such as forest resource management and biodiversity.

Japanese Contribution to North East

India and Japan have signed document on Japanese loan and aid for highway development in Northeast which can complement India’s connectivity initiatives in Bangladesh, Myanmar and beyond. Japan is also extending loan of Rs.2,239 crore to India for ‘North East Road Network Connectivity Improvement Project’ to improve National Highway 40 (NH-40) and construct a bypass on NH-54 in Northeast. These projects are expected to improve intra-regional and international connectivity through regional economic development.

Chinese Opposition

China has expressed dissatisfaction over proposed Japanese investments in India’s North-East states. China warned that third-party should not meddle in border disputes between India and China. It held that negotiations are still on to settle eastern section of China-India border, so it is oppoing involvement of any third party in region in whatsoever form.

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