Nirmala Sitharaman To Launch Fund For Export-Oriented Firms And Startups Today
- ByAyushi Ray | August 21, 2021
Nirmala Sitharaman to launch fund for export-oriented firms and startups today. She would launch the ‘Ubharte Sitaare Fund’ The fund has been set up by the Exim Bank along with the Small Industries Development Bank of India (Sidbi). Sitharaman, in her budget speech in 2020, had pointed out that micro, small and medium enterprises (MSMEs) were important to keep the “wheels of the economy moving”, adding they create jobs, innovate and are risk-takers. The fund is a mixture 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. Some of the objectives of the fund include enhancing India’s competitiveness in select sectors through finance and extensive handholding support, identifying and nurturing companies having differentiated technology, products or processes, and enhance their export business.
The Exim Bank said on its website that the companies in sectors of automobiles and auto components, defence, chemicals, aerospace, food processing, textiles among others are eligible for the fund. News agency PTI reported on Thursday that both the Exim Bank and the Sidbi have developed a pipeline of more than 100 potentialcompanies, including those in the state of Uttar Pradesh. Apart from launching the Ubharte Sitaare Fund, finance minister Sitharaman will also release the Exim Bank’s study on ‘Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective’ and the bank’s publication on Indian Sports Goods Industry: Strategies for Tapping the Export Potential’.
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