16 February, 2016, Mumbai- The Department of Electronic and Information Technology (DietY) has joined hands with Canbank Venture Capital Fund to launch Electronic Development Fund (EDF) in Mumbai.
EDF is an initiative of Department of Information Technology to devise a ‘fund of funds’ to participate in ‘daughter funds’ which in turn will provide risk capital to companies developing new technologies in the area of electronics, nano-electronics and IT, reports IBTimes.
Ravi Shankar Prasad, Minister, Communication and Technology will formally announce EDF by handing over the letter of commitment to the first group of daughter funds. However, the idea of EDF was first proposed by the National Policy of Electronics in 2011. But somehow it didn’t generate much interest until recently, when Prime Minister, Narendra Modi picked it again and launched it during the inauguration of Digital India Week on July 1, 2015.
The sectors which falls in the periphery of EDF include start-ups, government and private-sector companies and institutions, micro, small and medium enterprises, larger established corporate and scientific and research or educational institutions (including private institutes).
“The supported daughter funds will promote innovation, R&D and product development within the country in the specified fields of electronics, nano-electronics and IT. They will also support acquisition of foreign companies and technologies for products imported in India in large volume,’ said DeitY in a statement.