In a bid to kickstart manufacturing in the electronics sector, the Centre on Monday launched a ₹10,000-crore development fund specifically targeted at the semiconductor industry.
Called Electronic Development Fund (EDF), it will provide risk capital to companies developing new technologies in electronics, nano-electronics and information technology. The Centre will contribute ₹2,200 crore, while the balance will be brought in by private entities. Canbank Venture Capital Fund, a subsidiary of state-run lender Canara Bank, has been appointed the implementation agency for EDF. The Department of Electronics and Information Technology will be the anchor investor. To start with, the Centre announced the allotment of funds to four VC firms — Karnataka Semiconductor Venture Capital Fund, Exfinity Technology Fund, Forum Synergies EDF Digital India Fund, and Endiya Seed Capital Corporation Fund.