Union Cabinet approves Rs.10k cr fund for startups
The Dollar Business Bureau The Union Cabinet on Wednesday cleared the setting up of Funds for Startups (FFS) at Small Industries Development Bank of India (SIDBI) as a contribution to several alternative investment funds (AIF). The cabinet approved a corpus fund of Rs.10,000 crore for the FFS at SIDBI. The fund is in line with the government’s Start-up India Action Plan unveiled in January this year. “The Union Cabinet has approved the establishment of Fund of Funds for Startups at SIDBI for contribution to various alternative investment funds, registered with Securities and Exchange Board of India (SEBI), which would extend funding support to start-ups,” a government statement said. The corpus fund would be established over the 14th and 15th cycles of Finance Commission, ending ...
Government makes it easier for MSMEs to get loans
The Dollar Business Bureau Based on the recommendations made by the Prime Minister’s Task Force report on Micro, Small and Medium Enterprises (MSME), the Reserve Bank of India (RBI) has asked the banks to achieve 20% year-on-year (Y0Y) target in credit to the MSMEs. This was informed by Giriraj Singh, Minister of State for MSMEs, in his written reply to the Rajya Sabha on Thursday, according to an official release. The RBI also advised the banks to achieve 10% annual growth in number of micro enterprise accounts and also to allocate 60% of the MSE advances to the micro enterprises. Besides this, the Indian government’s Credit Guarantee Fund Scheme for Micro and Small Enterprises will also facilitate the easy ...
MSMEs incubation centres to promote entrepreneurship in agri-industry
The Dollar Business Bureau The Union Minister for Micro, Small and Medium Enterprises (MSME), Kalraj Mishra, on Wednesday, launched a ‘Scheme for promoting Innovation, Entrepreneurship and Agro Industry’. Speaking on the occasion, the Union Minister said that the scheme was aimed at setting up network and incubation centres for the promotion of start-ups for innovation and entrepreneurship in the agro-industry. This scheme has got its origin in the announcement made by the Union Finance Minister, Arun Jaitley in his budget speech, to set up a ‘Technology Centre Network’ to promote Innovation, Entrepreneurship and Agro Industry with a fund of Rs 200 crore. Referring to the budget speech, Kalraj Mishra also highlighted about the need for implementation of a programme to ...
