Indian-Americans pledge $100 million to fund startups in Amritsar

The initiative, Viksit Amritsar, is the brainchild of former Indian envoy to the US Taranjit Singh Sandhu.

The Golden Temple in Amritsar, Punjab. / Representational Stock Image

In a first-of-its-kind initiative, a group of prominent Indian-Americans, including the former Indian envoy to the US, Taranjit Singh Sandhu, has pledged $100 million to fund startups in Amritsar, Punjab.

Sandhu is now the BJP's candidate from the Amritsar constituency for the 2024 Indian Lok Sabha election.

The initiative, called 'Viksit Amritsar', is a collaboration between the US-India Strategic Partnership Forum (USISPF) and the Federation of Indian Chamber of Commerce and Industries (FICCI).

Sandhu returned to his hometown of Amritsar after diplomatic service, the last four years of which were spent in Washington DC. He now claims to be committed to transforming the Indian city into a leading tourist and economic hub.

The funds and mentorship, under the leadership of Sanjiv Lakhanpal, CEO of Viksit Amritsar initiative, are expected to focus on entrepreneurs with socially responsible 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.

Sectors such as tourism, skill development, agriculture, healthcare and information technology are potential beneficiaries.

"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.

Amritsar is home to the prominent Punjabi religion Sikhism's holiest shrine — The Golden Temple, which attracts a lot of global and national tourists each year.