Topyaps Logo

Topyaps Logo Topyaps Logo Topyaps Logo Topyaps Logo

Topyaps menu

Responsive image

Arun Jaitley Inaugurates Fund Of Rs.12,000 Crore To Boost Indian Start-up Revolution

Published on 20 August, 2015 at 7:02 pm By


Advertisement

India is witnessing a tremendous growth in start-ups. There are many entrepreneurs who are utilising the economic opportunities available today.

Union Finance Minister Arun Jaitley said that the country was witnessing a start-up revolution and to harness the potential of India’s innovators and entrepreneurs, a vibrant financial ecosystem was essential, reports The Hindu.

While inaugurating the India Aspiration Fund and SIDBI ‘Make in India’ Loan for Enterprises (SMILE), Mr Jaitley said:

“The Government is trying to bridge the gap between policy and implementation. India Aspiration Fund is intended to play a vital role in this financial ecosystem.

India Aspiration Fund, is a fund-of-fund managed by Small Industries Development Bank of India (SIDBI), which looks into the promotion, financing and development of the Micro, Small and Medium Enterprises (MSME) sector.

India Aspiration Fund is expected to catalyse investment in start-ups and MSMEs, creating employment for lakhs of persons, mostly educated youth, over the next 4-5 years.

Jaitley also launched two funds by Small Industries Development Bank of India (SIDBI), with a total corpus of Rs.12,000 crore.

The Finance Minister said:

“Fund amounting to Rs.20,000 crore has been sanctioned by the MUDRA Bank and we are targeting to take it to Rs.1 trillion. India is an inspirational country and the entrepreneurs are doing a wonderful job. With the launching of these schemes, we are adding fuel to that.”

According to a SIBDI release, the  SMILE scheme has been launched to provide soft loans in the nature of quasi-equity and term loans on relatively soft terms to MSMEs to meet the required debt-equity ratio norm as also for pursuing opportunities of growth by existing MSMEs.

Apart from SIBDI,  LIC has also agreed to be a partner and co-investor in the India Aspriation Fund.

Advertisement

Latest Stories

17 Unseen Photos of Harshita Gaur, Famous Actress of Sadda Haq & Mirzapur

17 Unseen Photos of Harshita Gaur, Famous Actress of Sadda Haq & Mirzapur


Mia Khalifa Caught Using Her Face Mask To Pick Up Dog Poo And Put It back On Her Face

Mia Khalifa Caught Using Her Face Mask To Pick Up Dog Poo And Put It back On Her Face


Glamorous Avatar of Rasika Dugal, Mirzapur Actress Will Have You Drooling All Over Her Instagram Feed

Glamorous Avatar of Rasika Dugal, Mirzapur Actress Will Have You Drooling All Over Her Instagram Feed


30 Year Old Joselyn Cano Aka ‘Mexican Kim Kardashian’ Dies After Cosmetic surgery Gone Wrong

30 Year Old Joselyn Cano Aka ‘Mexican Kim Kardashian’ Dies After Cosmetic surgery Gone Wrong


Government Temporarily Suspends All Flights from UK Fears of New Covid Super-Spreader Strain

Government Temporarily Suspends All Flights from UK Fears of New Covid Super-Spreader Strain


Advertisement

Most Searched

More From Business

Popular on The Web