SIDBI launches INDIA ASPIRATION FUND and SIDBI Make in India Loan for Enterprises [SMILE] SCHEME
Shri Arun Jaitley, Hon’ble Finance Minister launched the India Aspiration Fund [IAF] set up by Small Industries Development Bank of India to boost the start-up Fund-of-funds ecosystem in the country. IAF is a Fund-of-funds managed by Small Industries Development Bank of India (SIDBI), which is India’s Principal Financial Institution for the promotion, financing and development of the Micro, Small and Medium Enterprises (MSME) sector.
Shri Jaitley also launched the SIDBI Make in India Loan for Small Enterprises [SMILE] Scheme of Rs 10,000 crore. Speaking on the occasion, he said, that the country is witnessing a start-up revolution and to harness the potential of India’s innovators and entrepreneurs a vibrant financial ecosystem is essential. The India Aspiration Fund is intended to play a vital role in this financial ecosystem. He mentioned that the Fund is expected to catalyze tens of thousands of crore of equity investment in start-ups and MSMEs, creating employment for lakhs of persons, mostly educated youth, over the next 4-5 years. LIC has also agreed to be a partner and co investor in the India Aspiration Fund.