Business

Govt announces Rs 50,000 cr Fund of Funds to boost MSMEs

Union Finance Minister Nirmala Sitharaman on Wednesday announced that the government will infuse Rs 50,000 cr into MSMEs through a Fund of Funds as part of the economic package to overcome the economic stagnation brought about by the .Covid-19 pandemic.

“Rs 50,000 cr. equity infusion for MSMEs through Fund of Funds. It will be operated through a Mother Fund and few daughter funds. This will help to expand MSME size as well as capacity,” she said at a briefing to outline the contours of the package that Prime Minister Narendra Modi had announced during his address to the nation on Tuesday.

The Fund of Funds will be set up with a corpus of Rs 10,000 crore and will provide equity funding for MSMEs with growth potential and viability.

The Fund of Funds will be operated through a Mother Fund and few daughter funds.

The fund structure will help leverage Rs 50,000 cr of funds at daughter funds level.

Sitharaman said the step will help MSMEs to expand their size as well as capacity and will encourage MSMEs to get listed on stock exchanges.

The thrust of the government’s efforts will remain on making India self-reliant in line with the Prime Minister’s call on Tuesday.

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