The Punjab government is now deciding to join hands with banks and other financial companies to offer loans to the startups across the state. Chief Minister Amarinder Singh had launched an initiative to help startups to establish their businesses and grow in leaps and bounds. He has made this announcement during a two-day exhibition-cum-convention on Rural Entrepreneurship and Innovation conducted by the Industries Department in association with PHD Chamber.
Punjab to join hands with banks for startup loans
The state is anticipating both national and private banks to come forward and grant loans to the startups based out in Punjab. The loans provided by these associated banks will offer maximum support to the startups at the minimal rate of interests. This initiative of Punjab government working closely with the banking sector is to promote the entrepreneurial culture in the state and create more job avenues for youngsters of all cadre.
Prior to this, Punjab government led Congress had initiated an employment programme ‘Ghar Ghar Rozgar’ under which more than 1.50 lakh youths have been deployed with jobs across the state. Now, Capt. Amarinder Singh’s government is trying to focus on the fast emerging trend of startups and how can they be supported to earn great revenues for the betterment of industrialization in Punjab.
The reason behind inviting more banks to Punjab for startup loans
By helping the Punjab based startups, the CM is also trying to create more and more employment for the youths of the state and wants to keep a check on the migration of people who go to other states in search of the job and other business avenues. The state government is also taking curating of startup culture in Punjab as a launchpad to nurture entrepreneurship amongst the younger lot and professionals.
During the event, the Punjab CM also extended his hands towards PHD Chamber to collaborate as the partner for knowledge and aide the government for programmes of entrepreneurship. Apart from this, district Mohali in Punjab is now being developed as the IT hub of the state and is inviting many big companies and startups to establish their base and offer job opportunities to the youth.