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Central Govt Changed The Definition Of MSME's To Benefits People: Nirmala Sitharaman

Set up by the Exim Bank along with the Small Industries Development Bank of India (Sidbi), the ‘Ubharte Sitaare Fund’ is a combination of advisory and financial services structured support via investments in equity or equity-like instruments, debt (funded and non-funded) and technical assistance (advisory services, grants and soft loans) to the Indian companies.

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Union Finance Minister Nirmala Sitharaman, on Saturday, hailed the Uttar Pradesh government for identifying One District One Product (ODOP) and said that the State justifies the launch of Ubharte Sitaare Fund as it has the highest number of Micro, Small & Medium Enterprises (MSME). 

During the launch event of Ubharte Sitaare Fund, Sitharaman said, "The technology and the induction of technology will bring a big difference with those small and medium units. Why do I say that? In some of the areas, it is very interesting that Geographical Indication (GI) for some highly specialized products, which have uniqueness about them, you will find in UP. Places like Banaras and its immediate surroundings all put together have more than eight GI's in one location itself. This is an extraordinary feature of MSME's. And one of the features of Ubharte Sitaare is that you form clusters and then also try to identify." 

While lauding the MSME sector, she said, "MSME's are the people who put their own money and started the business. MSME's are also  people who have been in that sector for some time, some even for generations, and in that local ecosystem they have the advantage of having been there for some time and knowing how to move forward. So to help with technology to an MSME, you are actually making a big difference to that entire ecosystem, to the set of people who have been working on it for us for years, for generations. Above all,  giving new opportunities for more people to come in to improve and also find jobs and opportunities can be created as entrepreneurs." 

If the official data is to be believed India's exports nearly 35 per cent to 40 per cent is contributed by MSME's. "In the last two years or even before that, the central government has actually done so many other things for the MSME's. Today, we can see India giving its due recognition for MSME's all over the country," she added. 

Set up by the Exim Bank along with the Small Industries Development Bank of India (Sidbi), the ‘Ubharte Sitaare Fund’ is a combination of advisory and financial services structured support via investments in equity or equity-like instruments, debt (funded and non-funded) and technical assistance (advisory services, grants and soft loans) to the Indian companies.


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nirmala sitharaman msme Ubharte Sitare Fund