AADI MAHOTSAV

Why in News?                                                                                                        

The President of India, Smt Droupadi Murmu inaugurated the Aadi Mahotsav 2024 at Major Dhyan Chand National Stadium in New Delhi. The President appreciated the launch of the Venture Capital Fund for Scheduled Tribes (VCF-ST).

What is Aadi Mahotsav?

• 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.

What is Tribal Cooperative Marketing Development Federation of India Limited (TRIFED)?

• TRIFED was established in August 1987 under the Multi-State Cooperative Societies Act, 1984 by the Government of India as a National level Cooperative body under the administrative control of the then Ministry of Welfare of India, with the basic mandate of bringing about socio-economic development of tribals of the country by institutionalizing the trade of Minor Forest Produce (MFP) & Surplus Agricultural Produce (SAP) collected/ cultivated by them.
• the objective of TRIFED is socio-economic development of tribal people in the country by way of marketing development of the tribal products.
• It has been entrusted by the Government of India to implement its proposed Minimum Support Price Scheme for Minor Forest Produce.
• Head Office: New Delhi.

What is VENTURE CAPITAL FUND FOR SCHEDULED TRIBES (VCF-ST)?

• Announced by Union Finance Minister Nirmala Sitharaman in the Union Budget 2022-23, the Fund is a SEBI registered Venture Capital initiative that will be managed by IFCI Venture, a subsidiary of IFCI Ltd., a Government of India Undertaking.
• The two investors in the Scheme are the Ministry of Tribal Affairs (MoTA) and Tribal Cooperative Marketing Development Federation of India (TRIFED).
• The Scheme will promote entrepreneurship amongst tribals by providing financial assistance of Rs.10 lakh to Rs.5 crore to companies promoted by Scheduled Tribes in manufacturing, services and allied sectors, 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.)