NSIC Venture Capital Fund Disburses Nearly Rs 1000 Crore to MSMEs

ENA MSME 2024-09-11 15:42:05 New Delhi, Sep 11 (KNN) In a major development for India's Micro, Small and Medium Enterprises (MSMEs) sector, investments totalling Rs 999 crore have been disbursed through the NSIC Venture Capital Fund as of July this year. This fund, part of the broader Self-Reliant India initiative, boasts a substantial corpus of Rs 10,000 crore acting as a 'mother fund'. P. Ravi Kumar, chief general manager of the National Small Industries Corporation (NSIC), revealed these figures during a statement in Coimbatore on Tuesday. Kumar elaborated that the fund operates through 55 SEBI-registered category II 'daughter funds'. Of the total Rs 10,000 crore allocation, Rs 5,545 crore has been committed for investment by the end of July, benefiting 460 industries. The NSIC is not limiting its support to just financial assistance. Kumar announced the implementation of the MSME Trade Enablement and Marketing Initiative (MSME-TEAM), which aims to onboard five lakh MSMEs onto the Open Network for Digital Commerce (ONDC) platform over the next three years. This initiative promises end-to-end support for participating units. Additionally, the NSIC has plans to develop a portal specifically for MSMEs, similar to the Government e-Marketplace (GeM) portal. At the FICCI CMSME National Conference 2024 in New Delhi, Rajneesh, Additional Secretary and Development Commissioner (MSME) at the Ministry of MSMEs, provided further insights into the sector's growth. He estimated that India is home to about seven crore MSMEs, with nearly five crore already registered with the government. Rajneesh highlighted the government's efforts to bridge the credit gap for MSMEs in recent years, addressing both the quantum and cost of credit. He reported that credit guarantees worth Rs 4 lakh crore were extended to MSMEs in the last two years alone. Looking ahead, the government plans to ramp up this support, aiming to provide an additional Rs 5 lakh crore in credit guarantees over the next two years. These developments underscore the government's commitment to strengthening the MSME sector, widely recognised as a crucial driver of India's economic growth and employment generation. The multi-pronged approach, combining financial support, digital integration, and credit facilitation, is poised to create a more robust and competitive MSME ecosystem in the country. As the sector continues to evolve, the success of these initiatives will be closely watched by industry experts and policymakers alike, potentially setting a new benchmark for MSME support programs globally. (KNN Bureau) 39231 https://knnindia.co.in/news/newsdetails/msme/nsic-venture-capital-fund-disburses-nearly-rs-1000-crore-to-msmes 2024-09-11 15:42:05 knnindia.co.in NSIC Venture Capital Fund Disburses Nearly Rs 1000 Crore to MSMEs