World News | Indian Americans contribute $100 million to Amritsar development

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Washington, May 3 (PTI) A group of prominent Indian-Americans has come together to announce a $100 million commitment to start-ups for the socio-economic development of Amritsar. This is a first-of-its-kind initiative for an Indian city run by the diaspora.

In collaboration with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the US-India Strategic Partnership Forum (USISPF), a group of prominent Indian Americans and Indians living in the United States held their first meeting outside Washington, Maryland. . DC announces establishment of Vikshit Amritsar Initiative.

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Founding members say the mammoth initiative was inspired by Taranjit Singh Sandhu, the former Indian special envoy to the United States, who returned to the aid mission after an illustrious diplomatic career, including the past four years in Washington, D.C. He is a person who returned to his hometown. The city is not only developing as one of the best cities in the world in terms of economic and industrial growth, but also as an attractive tourist destination from all over the world.

Immediately after returning to India after his retirement, Sandhu became the Bharatiya Janata Party’s (BJP) Lok Sabha candidate from Amritsar.

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He also organized a conference of prominent Indian diaspora members in the city, which was attended by prominent Indian Americans from the United States.

US-India Strategic Partnership Forum (USISPF) Chairman Mukesh Agi specially flew to Amritsar from the US for a day-long brainstorming session co-hosted with FICCI.

A few weeks later, the group met outside Washington, Maryland, and formally announced the formation of the Vikshit Amritsar Initiative, led by Sanjiv Lakhanpal, a prominent Indian American from Amritsar.

It aims to provide mentorship to entrepreneurs in Amritsar and access up to $100 million to build successful socially and environmentally responsible startups, a statement said on Thursday.

“We have pooled around $100 million to invest in Amritsar Startups. We have received over 250 applications. All are under review. There is more to come. We want startups to create more jobs, create more technology and build an entire ecosystem in Amritsar,” Agi told PTI.

Entrepreneurs may work in agriculture and farming, industry and commerce, skills development, information technology, healthcare, tourism, and home building.

“Basically, everything that enables entrepreneurs, especially women and youth, to succeed in Amritsar,” the statement said.

It added that all investments are approved by VAI’s investment committee, which is comprised of investors and independent advisors.

“I have a commitment from a group that will invest up to $100 million in start-ups in Amritsar. We are excited about how the meeting is going,” said Vikshit, founder and CEO of Amritsar Initiatives. said Sanjiv Lakhanpal, CEO.

The meeting was conducted virtually by Mr. Sandhu who said that the scope for connectivity and holistic development of Amritsar is huge.

“We really see this as giving back. We’re taking on some of the debt that we owe to Amritsar and India. That’s what we’re working on. We are excited to have a trusted partner like Ambassador Taranjit in Amritsar, allowing us to dedicate our resources and efforts to Amritsar,” Lakhanpal said.

“$100 million has been pledged for the development and investment of small start-ups and other projects for the development of Amritsar city. Thank you Taranjit Singh Sandhu for giving us this idea and vision.” said Jasdeep Singh Jessee, a prominent Indian-American Sikh leader from Maryland.

The Vikshit Amritsar Investment Fund will allow entrepreneurs from various sectors to invest in socially responsible and financially viable projects that will support Amritsar’s economic growth and development, the statement said.

(This is an unedited, auto-generated article from a syndicated news feed. Current staff may not have modified or edited the content.)

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