BHOPAL : A cabinet meeting chaired by Chief Minister Shivraj Singh Chauhan here on Tuesday decided to create a Rs- 100 crore venture capital fund for help of new entrepreneurs. Chauhan had made an announcement in this regard. The fund will be created as per rules of Securities and Exchange Board of India ( SEBI). In the beginning, help from the fund will be given to medium, small and micro entrepreneurs to set up their units.

The Directorate of Institutional Finance will appoint an advisor through transparent arrangements for the venture capital fund and handholding support of institutional arrangements.

The fund will help new and talented entrepreneurs, who cannot set up innovation- based new enterprises due to lack of adequate share capital.

The cabinet endorsed a scheme under PPP mode for construction of affordable houses for Economically Weaker Section ( EWS) and Low Income Group ( LIG) families. The cabinet also approved the guidelines issued for the scheme.

The area of the project on which houses are to be built will be transferred to concerning urban body at Re. 1 annual lease rent without any premium.

The cabinet endorsed amendments made regarding permission to use revenue land and performance guarantee in the policies of Renewable Energy Department.

According to the amendments, rate for use of revenue land by the project will be equal to 50 percent of collector’s current rate for unirrigated land as on date on which agreement for land identified for the project is signed. The developer may deposit land use fee in 5 equal annual installments.

In the policies for wind and bio- mass based projects and minor hydel projects, second phase performance guarantee will not be given to the projects where power is being purchased by Madhya Pradesh Power Management Company. Under solar energy policy, performance guarantee will be given on one lakh per MW instead of 5 lakh MW. BO DA for govt staffers, higher pension for varsity employees The cabinet sanctioned 7 percent dearness allowance to government servants and pensioners with effect from July 1, 2014. With this, state government servants’ DA has come at par with that of their counterparts in the central government.

The cabinet sanctioned payment of pension as per sixth pay scale to teaching and non- teaching staff of six universities without arrears with effect from April 1, 2014. These include Barkatullah University, Bhopal, Rani Durgawati University, Jabalpur, Avdhesh Pratap Singh University Rewa, Devi Ahiliya Vishwavidyalaya, Indore, Vikram University, Ujjain and Jiwaji University, Gwalior.

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