The group commits $100 million for development of Amritsar
Our Bureau
Washington DC
A group of eminent Indian-Americans have come together to announce a commitment of $100 million for startups towards the socio-economic development of Amritsar, the first of its kind initiative for any Indian city by the diaspora. This is the first-of-its-kind initiative for any Indian city by the diaspora.
In collaboration with the Federation of Indian Chamber of Commerce and Industries (FICCI) and the US-India Strategic Partnership Forum (USISPF), a group of eminent Indian-Americans and Indians living in the US had their first meeting in a Maryland suburb of Washington DC to announce the formation of Viksit Amritsar Initiative.
The mega initiative is inspired by former Indian ambassador to the US, Taranjit Singh Sandhu, who after an illustrious diplomatic service, including the last four years in Washington DC, has returned to his home town Amritsar. He is helping the city develop as one of the best in the world both in terms of economic and industrial growth but also as an attractive tourist destination from across the world. Sandhu is BJP’s candidate from Amritsar for the 2024 Lok Sabha election.
The initiative, led by Sanjiv Lakhanpal, will provide mentorship and funding to entrepreneurs with a focus on socially and environmentally responsible ventures. Sectors like agriculture, healthcare, skill development, information technology, and tourism are all potential beneficiaries.
The USISPF president, Mukesh Aghi, flew to Amritsar from the US to attend the session. “We have pooled in roughly a hundred million dollars to be invested in Amritsar startups. We would like to see more startups create more jobs in Amritsar, create more technology and build a whole ecosystem,” said USISPF President Mukesh Aghi.
The initiative has already received over 250 applications from entrepreneurs across various fields. Applications are still being accepted, with a focus on empowering women and youth-led ventures.
