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Centre earmarks Rs 5,000 cr for MSMEs under Self Reliant India Fund

Updated: Nov 05, 2022 08:18:21am
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Centre earmarks Rs 5,000 cr for MSMEs under Self Reliant India Fund

New Delhi, Nov 5 (KNN) The central government has committed an amount of more than Rs 5,000 crore with approvals of 37 daughter funds as part of the governments flagship Atmanirbhar Bharat programme.

Government-backed Self Reliant India Fund (SRIF) on Friday announced that it has committed over Rs 5,000 crore to help small businesses with growth capital in its first year of operations.

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It has a 'Mother Fund-Daughter Fund' structure wherein SRIF, the mother fund, invests up to 20 per cent of the corpus of the Daughter Fund, which raises the balance 80 per cent of the capital from outside sources.

As the contribution from SRIF gets leveraged five times, taking the total value of investible funds into MSMEs to Rs 50,000 crore the arrangement is designed to maximise the fund flow to the target MSME sector. 

Amitava Chatterjee, the managing director and chief executive of SBI Capital Markets, said the fund has already helped provide equity funding of more than Rs 2,300 crore to more than 125 MSMEs across sectors, such as climate, agriculture, defence, education, pharma and industrials.

About Rs 2,300 crore of investments have already helped in supporting employment to 20,000 people.

Daughter Funds empanelled with SRIF include TATA Capital Healthcare Fund, Aavishkaar India Fund, SVL-SME Fund, Gaja Capital India Fund, Avaana Sustainability Fund, ICICI Ventures' India Advantage Fund S5 I, Omnivore Agritech and Climate Sustainability Fund 3, Fireside Ventures Investment Fund III, Nab Ventures Fund 1, Maharashtra Defence and Aerospace Venture Fund.  (KNN Bureau)

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