Union finance minister Nirmala Sitharaman to launch the ‘Ubharte Sitaare Fund’ for export-oriented small and mid-sized companies and startups on Saturday. The event is held at Uttar Pradesh’s Lucknow where other big personalities will also be attending and the launch of Mission Shakti is scheduled. The fund has been set up by the Exim Bank along with the Small Industries Development Bank of India.
What is the Ubharte Sitaare Fund?
As per the Exim Bank’s release, the Ubharte Sitaare Fund program identifies companies in India which have the potential to be future champions in the domestic arena while also catering to global demands. The fund is a mixture of structured support, both financial and advisory services. The investments will be made in equity or equity-like instruments, debt (funded and non-funded), and technical assistance (advisory services, grants, and soft loans) to the Indian companies. The funding will enhance India’s competitiveness in select sectors through finance and extensive handholding support, identifying and nurturing companies having differentiated technology, products, or processes, and enhance their export business, according to the Exim Bank’s website.
Who is eligible for the Ubharte Sitaare Fund?
1. Corporations with a unique value proposition in technology, products, or processes that match international requirements
2. Strong companies with acceptable financials, and outward orientation.
3. Small and mid-sized companies with an ability to enter global markets and have an “annual turnover of up to approximately ₹500 crores.
4. A good business model, strong management capabilities, and a focus on product quality.
The Exim Bank said on its website that the companies in sectors of automobiles and auto components, defense, chemicals, aerospace, food processing, textiles among others are eligible for the fund.
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