New Delhi: Union Finance Minister Arun Jaitley has launched India Aspiration Fund (IAF) and SIDBI Make in India Loan for Enterprises (SMILE) by SIDBI with total Rs 12,000 crore investments.
Union Finance Minister Arun Jaitley has launched two funds by Small Industries Development Bank of India (SIDBI) with total Rs. 12,000 crore investments. Two funds India Aspiration Fund (IAF) is for funding start-ups in India and another of SIDBI Make in India Loan for Enterprises (SMILE) to help small enterprises in India.
India Aspiration Fund (AIF) is launched with Rs. 2,000 crore and SMILE scheme with the investment of Rs. 10,000 crore. As per sources India is looking for a start-up revolution, AIF will play the essential role in this current financial ecosystem to support the potential of India’s innovators and small business. AIF fund will be the promoter of tens of thousands of crores to invest on start-ups and MSMEs.
As per sources the insurance behemoth Life Insurance Corporation (LIC) is also one of the partner and co-investor in the fund. To make India as a industrial hub the government has taken various initiatives to give a hope to Make In India initiative with an encouraging financial ecosystem.
According to information MUDRA Bank has sanctioned Rs 20,000 crore fund amount and the government is planning to take it to Rs 1 trillion. The SMILE scheme will give the support to 25 sectors under Make in India programme and it provides the soft loans to MSMEs to meet required debt-equity ratio norms
The Rs. 10,000 crore SMILE scheme will give the support to businesses of SC category and Scheduled tribes with Disabilities and women. And around 13,000 enterprises are expecting to benefit with this scheme and nearly 2 lakh persons will get the employment.