Finance Minister Smt. Nirmala Sitharaman is all set to launch the Ubharte Sitaare Fund in Lucknow this Saturday, according to a release by Exim Bank on Thursday. The fund Exim Bank and SIDBI will set up will cater to small and mid-sized export-oriented companies (EOUs) and startups.
The Ubharte Sitaare programme will identify Indian companies that can be future champions in the domestic market while also catering to global demands. The aim is to identify companies that are underperforming but have potential advantages in terms of technology, processes or products, and export potential.
Exim Bank and SIDBI currently have a pipeline of over 100 companies across various sectors that include agriculture, pharma, software, auto components, and engineering solutions. The banks will invest by way of equity and equity-like products in the EOUs. The Ubharte Sitaare fund will provide structured support, financial and advisory services, and technical assistance. The fund size currently stands at Rs.250 crore and has a greenshoe option of Rs.250 crore.
In the Budget speech last year, the FM had mentioned that MSMEs are vital to keeping the wheels of the economy moving. Besides, they also create jobs, innovate, and are risk-takers.
The FM will also release a study by Exim Bank on ‘Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective’ and a publication on ‘Indian Sports Goods Industry: Strategies for Tapping the Export Potential’. The latter covers the importance of boosting sports in economic growth and analyses the global and Indian sports goods industry. According to the release, it also identifies the export potential of the sports goods segment and the challenges faced by exporters.
The deputy managing director of Exim Bank, Harsha Bangari, and the chief managing director of SIDBI Sivasubramanian Ramann, will be present at the occasion. Small business owners, startup founders and other dignitaries from Uttar Pradesh are also expected to attend the event.
For any clarifications/feedback on the topic, please contact the writer at athena.rebello@cleartax.in
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