What’s in the news?
- Union Finance Minister Nirmala Sitharaman has launched an ambitious ‘Ubharte Sitaare Fund’ (USF) for export-oriented firms and startups.
- The Fund aims at arranging funds for promotion of micro, small and medium companies. The fund has been set up by Exim Bank and SIDBI.
- The fund is expected to identify Indian enterprises with potential advantages by way of technology, products or processes along with export potential, but which are currently underperforming or unable to tap their latent potential to grow.
- Some of the objectives of the fund include enhancing India’s competitiveness in select sectors through finance and extensive handholding support, identifying and nurturing companies having differentiated technology, products or processes, and enhancing their export business.
- In her Budget speech last year, Sitharaman had mentioned that MSMEs are vital to keep the wheels of economy moving. They also create jobs, innovate and are risk takers.