‘Ubharte Sitaare Fund’ to be launched

Finance Minister Nirmala Sitharaman is set to launch an ambitious ‘Ubharte Sitaare Fund’ on August 21, 2021. It will be launched for export-oriented firms and startups.

Key Points

• Ubharte Sitaare fund has been set up jointly by Exim Bank and SIDBI
• It will be launched in Lucknow.
• Finance minister will also launch India Exim Bank’s study on ‘Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective’.
• On the occasion, India Exim Bank’s publication on ‘Indian Sports Goods Industry: Strategies for Tapping the Export Potential’ will also be launched.

Background

Finance minister, in her Budget speech in 2020, had mentioned that MSMEs are important to keep the wheels of economy moving. MSMEs also create jobs, innovate and they act as risk takers. In the line, India Exim Bank’s Ubharte Sitaare Programme (USP) will identify Indian companies that have the capability to be future champions in domestic arena while meeting the global demands.

About Ubharte Sitaare

• This fund is a mix of structured support– financial as well as advisory services by investing in equity or equity like instruments; debt– both funded & non-funded and technical assistance such as advisory services, grants & soft loans; to the Indian companies.
• It will identify Indian enterprises having potential advantages with respect to technology, products or processes along with export potential, but are currently underperforming or unable to use their potential to grow.
• Exim Bank and SIDBI have developed a pipeline of more than 100 potential companies such as those in Uttar Pradesh in sectors like auto components, pharma, agriculture, engineering solutions, and software.

Month: Current Affairs - August, 2021