Indian-Americans pool USD 100M for Amritsar startups; healthcare on list

A group of prominent Indian-Americans announced the Viksit Amritsar Initiative, aimed at supporting the social and economic development of Amritsar. The group has made a commitment of $100 million to fund startups in the city in Punjab that has Sikhism’s holiest shrine — The Golden Temple.

This is the first-of-its-kind initiative for any Indian city by the diaspora, according to news agency PTI.

The initiative is the brainchild of former Indian envoy to the US, Taranjit Singh Sandhu. He is the BJP’s candidate from Amritsar for the 2024 Lok Sabha election.

The Viksit Amritsar Initiative is a collaborative effort between eminent Indian-Americans, the Federation of Indian Chamber of Commerce and Industries (FICCI), and the US-India Strategic Partnership Forum (USISPF).

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.

Taranjit Singh Sandhu, after diplomatic service, including the last four years in Washington DC, returned to his hometown Amritsar, and is committed to transforming the city into a leading economic and tourist hub.

Soon after his return to India after retirement, Sandhu became the Bharatiya Janata Party’s (BJP) Lok Sabha candidate from Amritsar, reported PTI.

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.

“We are truly looking at this as our giving back. We are excited that we have a partner like Ambassador Taranjit in Amritsar who we can trust as we put our resources and our efforts into Amritsar,” said Lakhanpal. India Today