RS. 5000 crore India opportunities venture fund with SIDBI Announced Two SME Exchanges Launched in Mumbai Ministries and CPSES to Make Minimum of 20% Purchase From MSEs.

Press Information Bureau

Government of India

Ministry of Finance

16-March-2012 14:17 IST

RS. 5000 crore India opportunities venture fund with SIDBI Announced

Two SME Exchanges Launched in Mumbai

Ministries and CPSES to Make Minimum of 20% Purchase From MSEs

While presenting the General Budget 2012-13 in LokSabhahere today, ShriPranab Mukherjee, Finance Minister announced setting-up of a Rs. 5000 croreIndia Opportunities Venture Fund with SIDBI. This is in order to enhance availability of equity to the Micro, Small and Medium Enterprises, he stated.

The Finance Minister, Shri Mukherjee informed that two SME exchanges have been launched in Mumbai recently to enable these enterprises greater access to finance. The Finance Minister further stated that SMEs are the building blocks of the country economy and they rely primarily on loans from banks and informal sources to raise capital.

With the aim of promoting market access of Micro and Small Enterprises (MSEs), the Government has approved a policy under which Ministries and CPSEs are required to make a minimum of 20% of their annual purchase from MSEs. 4% of this purchase will be earmarked for procurement from MSEs owned by SC/ST entrepreneurs.

DSM/MV/LMP/55