FM to launch 'Ubharte Sitaare Fund' in Lucknow on Aug 21

New Delhi: Finance Minister Nirmala Sitharaman will launch an ambitious ‘Ubharte Sitaare Fund’ for export-oriented firms and startups on Saturday.

The fund has been set up by Exim Bank and SIDBI.

”Nirmala Sitharaman will, on Saturday, August 21, 2021 launch the Ubharte Sitaare Fund for export-oriented small and mid-sized companies jointly sponsored by Exim Bank and SIDBI,” Exim Bank said in a release on Thursday.

It will be launched in Lucknow, Uttar Pradesh.

In her Budget speech last year, Sitharaman had mentioned that MSMEs are vital to keep the wheels of the economy moving. They also create jobs, innovate and are risk-takers. Accordingly, India Exim Bank’s Ubharte Sitaare Programme (USP) identifies Indian companies that have the potential to be future champions in the domestic arena while catering to global demands, said the release.

The fund is expected to identify Indian enterprises with potential advantages by way of technology, products or processes along with export potential, but which are currently underperforming or unable to tap their latent potential to grow.

The fund is a mix of structured support, both financial and advisory services through investments in equity or equity-like instruments, debt (funded and non-funded) and technical assistance (advisory services, grants and soft loans) to the Indian companies.

Exim Bank and SIDBI have developed a pipeline of over 100 potential companies, including those in Uttar Pradesh across various sectors such as pharma, auto components, engineering solutions, agriculture, and software.

The finance minister will also release the India Exim Bank’s study on ‘Exports from Uttar Pradesh: Trends, Opportunities and Policy Perspective.’

India Exim Bank’s Deputy Managing Director Harsha Bangari and SIDBI’s Chief Managing Director Sivasubramanian Ramann, small business owners and startup founders and other dignitaries from Uttar Pradesh will also be present for the occasion.

Besides, she will release India Exim Bank’s publication on ‘Indian Sports Goods Industry: Strategies for Tapping the Export Potential.’

The study realises the importance of boosting sports in economic growth, analyses the global and Indian sports goods industry, identifies the export potential of the segment as well as discusses the challenges faced by exporters, said the release.