UP's Yogi Adityanath asks SIDBI for start-up funding

UP's Yogi Adityanath asks SIDBI for start-up funding

Posted by M.Venkatesh on July 11th 2017

A report published in Business Standard said, that the Uttar Pradesh Chief Minister Mr Yogi Adityanath has requested the Small Industries Development Bank of India (SIDBI) to establish a start-up fund for promoting micro, small and medium enterprises (MSMEs) in the largest state in India.

As per Deputy Managing Director, Ajay Kumar Kapur statement the proposed fund is likely to have a corpus of about Rs 200 Crore as of now.
 
UP’s new industrial policy aims at integrating the state-centric ‘Make in UP’ project with the Centre’s flagship ‘Make in India’ mission. Integration is aimed at ensuring the state continues to benefit from various schemes and sops launched by the central government, along with an investment boost focusing on UP’s backward regions.

Incubation centres at IIM –L & IIT-K
 
SIDBI is also setting up an incubation centre at the Indian Institute of Management in Lucknow to promote entrepreneurship and start-ups with aid from the SIDBI Centre for Innovation and Financial Inclusion (SCIFI), with a corpus of about Rs 2.5 crore. The centre is likely to be completed by September 2017.
 
This would be the second SIDBI-funded incubation centre in UP after a similar facility was set up at the Indian Institute of Technology in Kanpur (IIT-K). The Kanpur centre, billed as one of India’s leading technology start-up incubators, was set up in 2001 and has so far supported over 65 start-up projects.
 
The financial institution has been providing equity and risk capital directly through start-up assistance and growth capital schemes, besides offering indirect investments via fund of funds (FoF) operations.
 
Over the last few months, several small finance banks (SFBs) have started operations to increase lending to the SME space. Most of these entities have been supported by SIDBI  and more than 36 million people  have benefited through this.

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