Friday, March 16, 2012

SIDBI India Opportunities Venture Fund Rs 5000 Cr

Pranab Mukherjee, Finance Minister announced setting-up of a Rs. 5000 crore India Opportunities Venture Fund with SIDBI. This is in order to enhance availability of equity to the Micro, Small and Medium Enterprises, he stated.
The Finance Minister, Shri Mukherjee informed that two SME exchanges have been launched in Mumbai recently to enable these enterprises greater access to finance. The Finance Minister further stated that SMEs are the building blocks of the country economy and they rely primarily on loans from banks and informal sources to raise capital.
With the aim of promoting market access of Micro and Small Enterprises (MSEs), the Government has approved a policy under which Ministries and CPSEs are required to make a minimum of 20% of their annual purchase from MSEs. 4% of this purchase will be earmarked for procurement from MSEs owned by SC/ST entrepreneurs.

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