Thursday, October 22, 2020
Home News Reports ‘Fund of Funds’ worth Rs 10,000 crore being created for MSMEs to battle Coronavirus...

‘Fund of Funds’ worth Rs 10,000 crore being created for MSMEs to battle Coronavirus pandemic

The MSMEs contribute 29 percent of India's GDP and 49 percent of export and offer 11 crore employments

Union Minister Nitin Gadkari said on Friday that the government will soon approve a fund of 10,000 crore rupees for micro, small and medium enterprises (MSMEs) with high credit rating if they raise money from capital markets.

He said while addressing the participants at a Webinar organized by The Young President’s Organization, “We are releasing Rs 10,000 ‘Fund of funds’ for the good units of SMEs, which export and have a good turnover in banks.”

The MSME Minister informed that the proposal of Rs 10000 crore ‘Fund of Funds’ has been cleared by the central govt and soon will be sent to Union Cabinet for final approval. A separate scheme is being formulated for credit ratings of MSMEs which is mainly based on their annual turnover, exports and GST payments.

Gadkari said that the government wants the fund’s corpus to be utilised by the MSMEs with AAA rating. AAA rating implies high creditworthiness. Upto 15 percent of the amount a AAA-rated MSME raises from the capital market will be contributed by the government through the fund as equity.

As an example, “If you raise 50 Crores, the government will put in 15 percent,” said Gadkari.

Read- RBI Governor announces new measures to ease financial distress amidst coronavirus lockdown

The MSMEs contribute 29 percent of India’s GDP and 49 percent of export and offer 11 crore employments. As per reports, the government has restructured about six lakh MSMEs.

Gadkari assured all the possible help from the government to tide over the challenges created by the lockdown due to coronavirus outbreak. The minister said that the deadline is being extended from March 31 to December 31 so that the number can go up to 15 lacs.

However, he also added that government if facing financial crisis. “Some state do not have money pay salaries to staff next month. The situation of banks is also challenging in terms of their survival” ,said the minister.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Remembering Lalu’s Jungle Raj in Bihar: When an IAS officer’s wife was raped for two years by an RJD leader

During Lalu's Jungle Raj in Bihar, IAS Officer BB Vishwas's wife Chamba Biswas was raped for 2 years by RJD leader Mrityunjay Yadav

“Your outrage against Hinduphobic content on OTT platforms may actually be fuelling more such content”- Here is what an industry insider says

OTT platforms are not hit if a movie or a series if boycotted for Hinduphobic content as people have already paid for subscription

No, India Today, Katrina Kaif in yellow saree for Navratri is not offensive to Hindus, this is where you got it wrong

India Today tries to be holier than thou while trying to paint Hindus as trolls over Eros Now's vulgar Navratri posts

CM Yogi distributes relief amount of Rs 113.21 crore among the flood-affected farmers in Uttar Pradesh

CM Yogi distributed the relief amount to the flood-affected farmers in 19 districts of the state by online transaction.

‘Mughal Prince Tucy’ lashes out on AIMIM’s Asaduddin Owaisi, calls him ‘Bewakoof, and Gadha’

Prince Tucy said that when the people of Hyderabad are dealing with horrific floods, MP Asaduddin Owaisi is busy doing poll campaign in Bihar.

Is Modi govt giving Coronavirus vaccines for ‘free’ only to Bihar? No, that’s not how it works

Union Finance Minister Nirmala Sitharaman on Thursday while releasing the BJP manifesto in Bihar for upcoming elections said that the BJP promises free coronavirus vaccines in Bihar, whenever the vaccine is made available.

Recently Popular

UK: 37-year-old paedophile named Rehan Baig jailed for raping chickens to death while his wife filmed it

Rhan Baig's wife had also joined him in the videos and at one point he alternated between having sex with his wife and the chickens.

Eros Now apologises for publishing vulgar Hinduphobic content on Navratri

After netizens outraged over vulgar posts on Navratri, Eros Now issued an apology.

‘Comedian’ Agrima Joshua, who calls herself ‘feminist’, passes offensive sexual comments against woman due to political differences

Agrima Joshua had earlier found herself in a controversy after insulting the Shivaji Maharaj memorial during a performance.

Remember Sheena Bora case? Param Bir Singh was the IG of Konkan range, the site where her body was dumped

Param Bir Singh knew that Sheena Bora was missing. He had asked Rahul Mukerjea to file a 'missing persons' report. Sheena, however, was never reported as 'missing'.

Paris: Two Muslim women stabbed under Eiffel Tower by white women shouting “dirty Arabs”

Two Muslim women were stabbed repeatedly under the Eiffel Tower on Sunday night by two white women who called them "dirty Arabs".

France: Charlie Hebdo cartoons projected on government building to express solidarity with deceased teacher who was beheaded by Islamic terrorist

Days after the barbaric beheading of teacher Samuel Paty on the streets of Paris by a terrorist for showing the cartoons of Prophet Mohammad to his students, support continues to pour in for the deceased teacher.
- Advertisement -

Chhattisgarh police file FIR against video journalist who had reported on farmer protests based on an allegedly edited video

Video journalist Manish Soni had reported about the plight of farmers whose paddy crops were ruined due to anti-encroachment drive

Reducing Navratri to ‘mating dance’, comparing Holi with terrorism— how the Indian media has turned Hinduphobic

After Eros Now posted series of vulgar messages associated with Navratri, far-left site Arre posted a Hinduphobic tweet on Durga puja

Remembering Lalu’s Jungle Raj in Bihar: When an IAS officer’s wife was raped for two years by an RJD leader

During Lalu's Jungle Raj in Bihar, IAS Officer BB Vishwas's wife Chamba Biswas was raped for 2 years by RJD leader Mrityunjay Yadav

“Your outrage against Hinduphobic content on OTT platforms may actually be fuelling more such content”- Here is what an industry insider says

OTT platforms are not hit if a movie or a series if boycotted for Hinduphobic content as people have already paid for subscription

Mumbai Police threatens Republic TV executive editor with imprisonment for refusing to reveal source of Hansa report in TRP scam

Republic TV Executive Editor warned by Mumabi Police that he will be booked under IPC sections 174 and 179 if does not give source of Hansa report

No, India Today, Katrina Kaif in yellow saree for Navratri is not offensive to Hindus, this is where you got it wrong

India Today tries to be holier than thou while trying to paint Hindus as trolls over Eros Now's vulgar Navratri posts

UP: Police find conversion of over 200 people to Buddhism fake, people were asked to sign conversion papers disguised as govt scheme

After reports of 236 Valmiki community members converting to Buddhisim, police find no evidence of conversion in Karehra village

Lucknow: Jama Mazar caretaker ‘Kale Baba’ caught running sex racket, video goes viral

The caretaker has allegedly confessed to police that he was sexually exploiting women and engaging them in illicit activities in the name of curing infertility and other ailments.

Meghalaya: Khasi student body puts up racist posters saying “All Meghalaya Bengalis are Bangladeshis”

The banners put up by Khasi Students Union read, ''All Meghalaya Bengalis are Bangladeshis'' and "Khasiland for Khasis; Foreigners Go Away".

CM Yogi distributes relief amount of Rs 113.21 crore among the flood-affected farmers in Uttar Pradesh

CM Yogi distributed the relief amount to the flood-affected farmers in 19 districts of the state by online transaction.

Connect with us

245,563FansLike
465,990FollowersFollow
18,800SubscribersSubscribe