FM launches Ubharte Sitaare Fund; says MSMEs are the backbone of the economy
The Hindu
The fund is a mix of structured support, both financial and advisory services through investments in equity or equity like instruments, debt, and technical assistance to the Indian companies
Union Finance Minister Nirmala Sitharaman on Saturday, addressing the launch of the 'Ubharte Sitaare Fund' said the micro, small and medium enterprises (MSMEs) are the backbone of the economy, and that the government has given the sector its rightful place. The 'Ubharte Sitaare Fund' has been set up by Exim Bank and SIDBI. The fund is expected to identify Indian enterprises with potential advantages by way of technology, products or processes along with export potential, but which are currently underperforming or unable to tap their latent potential to grow. Accordingly, India Exim Bank's Ubharte Sitaare Programme (USP) identifies Indian companies that have the potential to be future champions in the domestic arena while catering to global demands. The fund is a mix of structured support, both financial and advisory services through investments in equity or equity like instruments, debt (funded and non-funded) and technical assistance (advisory services, grants and soft loans) to the Indian companies.More Related News