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2014-09-25

Framework for Rs 10,000 cr MSME fund to be ready by month-end

MSME Ministry has been working closely with the Department of Financial Services to set up a framework for the operationalisation of this fund which is hoped to be completed by the end of September 2014.

The government said the framework to operationalise the Rs 10,000 crore venture capital fund for MSMEs announced in the Budget will be put in place by month-end.

 

"We have already worked out a given framework with SIDBI. Now we are waiting for certain confirmations with regard to the nature of that fund. Once that is done, the architecture is ready. We have formed four components, for example soft loans, quasi equity, credit guarantee to cater to innovative enterprises. These funds will be for growth-oriented, innovative enterprises," said Madhav Lal, Secretary, MSME Ministry.

 

Lal was here for a press conference highlighting MSME Ministry's achievements in first 100 days of new government.

 

The Ministry has been working closely with the Department of Financial Services to set up a framework for the operationalisation of this fund which is hoped to be completed by the end of September 2014, the MSME said in a statement.

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