President of India inaugurates Aadi Mahotsav

The President of India, Smt Droupadi Murmu inaugurated the Aadi Mahotsav 2024 at Major Dhyan Chand National Stadium in New Delhi today .

Speaking on the occasion, the President said that our country is full of diversity. But the sentiment of 'unity in diversity' has always been present. The reason for this sentiment is our enthusiasm to know, understand and adopt each other's traditions, food and language. This feeling of respect for each other is at the core of our unity. She was happy to witness the unique confluence of tribal culture and heritage of different states at the Aadi Mahotsav. She said that it is a good opportunity to get acquainted with the lifestyle, music, art and cuisine of the tribal brothers and sisters from every corner of the country. She expressed confidence that people will get an opportunity to know and understand many aspects of the life of the tribal society during this festival.

Click here for complete speech of the President

On the occasion, Union Minister for Tribal Affairs Shri Arjun Munda in the presence of Smt Droupadi Murmu launched the Venture Capital Fund for Scheduled Tribes (VCF-ST). The President appreciated the launch of the Venture Capital Fund for Scheduled Tribes (VCF-ST). She expressed confidence that this will promote entrepreneurship and start-up culture among the people of ST community. She urged the youth of the tribal community to take advantage of this scheme and establish new enterprises and contribute to building of a self-reliant India.

On the occasion, the Union Minister for Tribal Affairs Shri Arjun Munda said that the tribal tradition, sanskriti and pride is represented through Aadi Mahotsav. In India, there are more than 11 crore tribal population and this celebration is a light of hope and respect for tribals .

Shri Arjun Munda also said that the Prime Minister through his own vision made 'Sankalp' reach 'Sidhi' through PM JANMAN with the focus on education, health and employment as the goal towards development.

Shri Arjun Munda also said that the Aadi Mahotsav representing the culture and tradition of tribal community this year has more than 300 stalls with 1000 artisans participating in the Mahotsav.

He also said that in the rural sector, there is a growing focus on entrepreneurship led development where we are starting a new venture capital fund . Speaking of the fund he said that The fund will promote entrepreneurship amongst Scheduled Tribes (ST) by providing financial assistance of Rs.10 lakh to Rs.5 crore to Scheduled Tribes promoted companies working in manufacturing, services and allied sector, including start-ups.

The Union Minister also informed that today PVTG products are being exported to Hungary, Ghana, Hongkong, Cyprus, Bangladesh, Nepal, Austria, Vietnam, Mauritius, Poland and UAE promoted through Indian embassies.

The Aadi Mahotsav is being organized by TRIFED under the aegis of the Ministry of Tribal Affairs with aim to showcase the rich diversity of India's tribal heritage. This year this festival is being organized from February 10 to 18, 2024.

The Fund, a SEBI registered Venture Capital initiative, shall be managed by IFCI Venture, a subsidiary of IFCI Ltd., a Government of India Undertaking. The two investors in the VCF-ST Scheme are MoTA and Tribal Cooperative Marketing Development Federation of India (TRIFED). The scheme shall promote entrepreneurship amongst Scheduled Tribes (ST) by providing financial assistance of Rs.10 lakh to Rs.5 crore to Scheduled Tribes promoted companies working in manufacturing, services and allied sector, including start-ups and units being incubated in the technology business incubators, ensuring asset creation out of the funds deployed in the unit / project at a concessional Rate of 4% p.a.(For ST women /ST disabled entrepreneurs @ 3.75% p.a.).

The target segment for the fund shall be the tribal community of India and shall be applicable to entire country. The Fund is expected to boost entrepreneurship amongst Scheduled Tribes Entrepreneurs.

The interested applicants can visit www.vcfst.in for further information about the Scheme and may also visit the Stall of IFCI Venture Capital Funds Limited for Venture Capital Fund for Scheduled Tribes (VCF-ST) Scheme during the Event.

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NB/SK