VCCircle

Some state governments like Kerala and Karnataka have set up venture funds. Now it's the turn of Marxist-ruled West Bengal. The state government is setting up a fund which will invest in companies in the IT and related services. It's not clear the size of the fund except for that the government has "sanctioned a small budget" for it. "We have a small budgeted amount for the VC fund. But we are in the process of augmenting the initial corpus," Siddharth, secretary, department of IT, West Bengal, is quoted as saying by The Times of India.

They are also looking at a tie-up, for instance the government is in talks with SIDBI Venture Capital for participating in the fund.

Since the Left-supported unions are talking of unionising BPO workforce, I am not sure whether scalable BPOs and ITES companies can come up in West Bengal or in Kerala, the two Marxist-ruled states in India.