Union Finance Minister Arun Jaitley launched two funds - India Aspiration Fund (IAF) and SIDBI Make in India Loan for Small Enterprises (SMILE). Lets know about it.
- New funds IAF and SMILE launched by Finance Minister Arun Jaitley.
- Arun Jaitley launched two funds by SIDBI (Small Industries Development Bank of India), one for providing funds to Start ups in India and Another to aid small enterprises.
- IAF is for Start ups and SMILE is for MSME.
- SMILE was announced in union budget in February.
- Budget of Rs. 10,000 Crore has been kept by government for SMILE to development of Micro,Small and Medium Enterprises (MSME) sector.
- The loan of Rs. 10,000 to SMILE will focus on 25 sectors under government's 'Make in India' program with emphasis on MSME.
- The Indian Government as part of 'Make in India' initiative has launched Rs. 2,000 Crore for India Aspiration Fund (IAF) also.
- Main aims of IAF are - To, catalyse tens of thousands of crores of equity investment into start ups and MSMEs, To create employment for lakhs of person, mostly educated youth, over the next four to five years, IAF would invest in venture capital funds for meeting the equity requirement of MSME start ups.
- LIC (Life Insurance Corporation) will be co - investor and partner in the fund.
