Finance minister launches ‘Ubharte Sitaare Fund’ for export-oriented MSMEs
- Finance Minister of India, Smt. Nirmala Sitharaman, launched the ‘Ubharte Sitaare Fund (USF)’ of corpus Rs 250 crore for export-oriented small and mid-sized companies. The launch was done in Lucknow, Uttar Pradesh on August 21, 2021.
- The fund will be managed by India Exim Bank and SIDBI. The fund has been launched under the Ubharte Sitaare Programme (USP) announced in the Budget speech of 2021-22.
- Objective: The objective of the USF is to identify and invest in small and mid-size ventures in manufacturing and service industries with good export potential that could be future champions of export and handhold them through the growth phase.
- Size of the fund: The corpus of the Fund is Rs. 250 crore with a greenshoe option of Rs. 250 crore. The contribution of SIDBI and India Exim Bank is Rs 40 crore each.
- How would the fund help export companies?: The Fund would be invested in export-oriented units (by way of equity, and equity-like products), both in the manufacturing and services sectors, across India and facilitate companies in the export market to attain greater heights.
Points to remember:
- Size of the fund
- Ubharte Sitaare Fund would be managed by?
- Share of SIDBI and EXIM bank in Ubharte Sitaare Fund?
Source: EXIM Bank