Ubharte Sitare Fund for Startups unveiled by Nirmala Sitharaman to fuel dreams of tomorrow

Lucknow: Union Finance Minister Nirmala Sitharaman  launched the Ubharte Sitare Fund (USF) in Lucknow. State Government Minister Siddharth Nath Singh and Additional Secretary, Ministry of Finance, Government of India Pankaj Jain were present in this event. The Finance Minister had announced the Program (USP) in his budget speech last year.

Nirmala Sitharaman had said that it will be operated by India Exim Bank in association with SIDBI. The objective of this program is to take small and medium-sized companies to the international arena and remove the barriers faced by them in realizing their export dreams.

The program identifies companies that can be the export champions of tomorrow and have great potential to meet global demands. Support is then provided to those companies, which are in a better position in terms of technology, product or process. This program detects the bottlenecks of those identified enterprises and assists them in their growth and export strategy. This assistance is provided both in the form of financial and advisory services. This includes equity, debt and technical support.

An alternative investment fund has been created under this program, which is named as – Emerging
Stars Fund. It will be jointly funded by India Exim Bank and SIDBI with a contribution of Rs 40-40 crore.
sponsored fund from SEBI and has been successfully registered with SEBI in July 2021.
The initial amount of this fund has been kept at ₹ 250 crore and green shoe option of ₹ 250 crore has been kept. The fund will invest through equity and equity-like instruments in export-oriented entities in both manufacturing and services sectors across the country and support rising stars in achieving new heights in the export market.

The purpose of USF is to support small and medium sized enterprises in the manufacturing and service industries.
We have to give and give all possible support at every stage of their development, who have good export potential and who can be the export champions of tomorrow.

Launching the USF, Nirmala Sitharaman mentioned the various initiatives taken by the Government of India, including the Production Linked Incentive Scheme, to infuse new energy into the MSME sector in the country. She told that on the one hand the Covid-19 epidemic was hit, on the other hand the government started the self-reliant India campaign initiative. This will help Indian companies to become internationally competitive and become self-reliant in India.

She said that USF will invest in export oriented small and medium enterprises through equity (equity like instruments) and thereby help in promoting exports. This initiative will play a catalytic role in contributing to the growth of identified companies. Along with promoting and diversifying India’s exports, it will also help in further strengthening Brand India and increasing employment opportunities.

On this occasion, India Exim Bank Deputy Managing Director Harsha Bangari told that the bank has increased partnership with which commerce chambers, industry bodies. Bangari informed that India Exim Bank has prepared a pipeline of more than 100 future proposals and has supported many companies in various sectors. Some of these companies also gave their presentations during the event. These included the manufacturing company of key ingredients of Kovid vaccine and black fungus medicine. In addition, companies contributing to environmental protection through recycling and manufacturing major inputs for FMCG packaging were also involved.

On this occasion, Sivasubramanian Raman, Chairman and Managing Director, SIDBI highlighted several important initiatives taken in the recent past for the promotion of MSMEs in the country, especially in Uttar Pradesh. He informed that SIDBI is committed to facilitate all round development of MSME sector in the country through credit-plus approach. Representatives from Indian industry and academia from all corners of the country were physically and virtually connected to the event.

नोट: अगर आपको यह खबर पसंद आई तो इसे शेयर करना न भूलें, देश-विदेश से जुड़ी ताजा अपडेट पाने के लिए कृपया The Lucknow Tribune के  Facebook  पेज को Like व Twitter पर Follow करना न भूलें... -------------------------
----------- -------------------------------------------------------------------------------------------------------------------------------------------------