Finance minister Nirmala Sitharaman will launch an ambitious 'Ubharte Sitaare Fund' for export-oriented firms and startups on Saturday. The fund has been set up by Exim Bank and SIDBI.
"Nirmala Sitharaman will, on Saturday, August 21, 2021 launch the Ubharte Sitaare Fund for export-oriented small and mid-sized companies jointly sponsored by Exim Bank and SIDBI," Exim Bank said in a release on Thursday.
It will be launched in Lucknow, Uttar Pradesh.
In her Budget speech last year, Sitharaman had mentioned that MSMEs are vital to keep the wheels of economy moving. They also create jobs, innovate and are risk takers.
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, said the release.
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.
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.
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