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  1. Technology
September 29, 1998

ROTATING INDIAN IT SECTOR CAPITAL FUND SET AT $253M

By CBR Staff Writer

India’s Planning Commission is considering a proposal for a $253m rotating venture capital fund, which aims to generate 10,000 entrepreneurs in the next 10 years. The proposal suggests that the commerce ministry can manage the fund as a trust. The industry needs $5.8bn to achieve its target of $11.76bn worth of software by 2003. This sum will be been raised by promoter’s capital retained earnings, equity offerings, public deposits, term loans and working capital finance from financial institutions and banks.

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