Lucknow: fulfilling the promise made in the 2020 Union budget, Minister of Finance Nirmala Sitharaman launched Ubharte Sitaare funds for small and medium industries in Lucknow on Saturday.
Funds, anchored by India Exim Bank and Sidbi, will provide financial and logistics support to small companies to meet their export ambitions.
“The launch of funds has been postponed, but mostly caused by covid pandemic.
I also think it is beneficial for a country for two reasons, one of which has the highest number of MSMEs in the state and two, that the only district-one product scheme has been Competitive identifies sectors that banks can immediately start funds and handles, “said Minister.
He further highlights the steps taken by the center to promote the MSME sector in the country, starting with the incentive scheme associated with production.
ATMA NIRBHAR scheme Bharat together promotes custom manufacturers and service providers.
“The Sitaare Ubharte funds will invest in small and medium-oriented export-oriented companies and help new growth paradigm scripts in exports,” he said.
MSME Minister Sidharth Nath Singh said that the funds would be very beneficial for the country, which had 90 million MSMEs.
“In the past four and a half years, the state government and ensure easy loans to this sector, which leads to the addition of 70 new SMM Lakh in this period.
We have been able to provide loans of 2.5 lakh crore in 4.5 years, creating jobs 2 , 6 crore.
This is a note, “he said.
Ubharte Sitaare Fund will work by identifying Indian companies that have the potential to become future champions in the domestic arena, while serving global demands, explaining an official.
He said that this program will diagnose obstacles and constraints from companies identified, and help them in their growth and export strategies through financial services and consultations.
“Under this program, Sitaare Ubharte funds, simultaneously sponsored by India Exim Bank and Sidbi with the contribution of Rs 40 Crore each registered at July 2021.
Corpus from Rs 250 Crore.
The funds will invest in the way equity, and products Products such as equity in an export-oriented unit, both in the manufacturing and service sector, “said SP Singh, CEO of Sidbi Venture Capital Ltd Harsha Bangari, Deputy Managing Director of Indian Exim Bank.
, said that banks have developed strong pipes from more than 100 potential proposals and support several companies in various sector sectors.
Some of these companies include manufacturers of the main ingredients for covid vaccines and black mushroom medicines and a company that promotes environmental sustainability by recycling and producing key input for FMCG packaging, he said.