Bangalore: Securities and Exchange Board of India (SEBI), India’s market regulator, has registered a venture capital fund which is completely dedicated to promote Dalit entrepreneurs in India. This fund is created to support 1,20,000 companies and 1.55 million micro, small and medium enterprises owned by entrepreneurs from the backward community, reports EconomicTimes.

The idea was initially discussed in January 2011 and it lets The Dalit Indian Chamber of Commerce & Industry or DICCI's venture capital fund to raise funds from government financial institutions and also private entities. It was then offered by Montek Singh Ahluwalia, deputy chairman of Planning Commission to a group of Dalit entrepreneurs led by DICCI chairman Milind Kamble, that the government of India would take an additional step for the funds from the chamber by matching it with rupees 3 for every one rupee.

"If the state invests in Dalit-owned companies through the fund, the state will become a partner and share profits and losses," Chandra Bhan Prasad, commentator on Dalit issues and a key advisor to DICCI. This movement by the central government offers the schedule caste community a strong share in the nation’s growth which directly develops the whole society.