Sitharaman to launch Sitaraman Fund: Finance Minister Nirmala Sitharaman to launch Sitaraman Fund: Small companies will get big space with this fund, Nirmala Sitharaman will start
- Sitharaman will be launching Rising Star Funds for small companies
- The fund is jointly sponsored by Exim Bank and SIDBI
- Under this, a pipeline of more than 100 potential proposals has been created.
Finance Minister Nirmala Sitharaman will launch the Rising Star Fund on Saturday, August 21, 2021 for export-oriented small and medium-sized companies. The fund is jointly sponsored by Exim Bank and SIDBI. A formal announcement in this regard will be made by the Finance Minister in Lucknow on Saturday.
Harsh Bangari, Deputy Managing Director, Exim Bank and Chairman and Managing Director, SIDBI; Raman and other officials from the Center and Uttar Pradesh will be present. In addition, representatives of industry organizations, entrepreneurs and micro, small and medium enterprises will also be present. The finance minister had said in his budget speech last year that micro, small and medium enterprises were important for sustaining the economy. People get employment from it, they innovate and also take risks.
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Rising star program
Exim Bank’s Rising Star Program (USP) identifies Indian companies that have the potential to become tomorrow’s champions and produce in line with global demand. Under this program, those Indian companies are identified, which are in the best position in terms of technology, productivity, process. The initiatives identified under this program are identified and supported in their growth and export strategies. This assistance is provided by both financial and advisory services in the form of equity, loans and technical assistance.
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An alternative investment fund has been created under this program, which is called – Rising Star Fund. It is jointly sponsored by India Exim Bank and SIDBI with a contribution of Rs 40-40 crore. Under this, a pipeline of more than 100 potential proposals has been created. These companies are involved in various fields such as pharma, auto parts, engineering solutions, agriculture and software. Exim Bank has collaborated with various institutions across the country, including educational institutions like IITs, IISC Bangalore and IIMs, in collaboration with SIDBI.
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