Cabinet approves Rs 10,000 crore SME Growth Fund for small and medium enterprises

The Union Cabinet has approved a Rs 10,000 crore SME Growth Fund to support micro, small, and medium enterprises. This fund aims to provide equity support to select firms that have demonstrated growth potential and require additional capital to expand their operations.

The fund is part of the government's initiative to create champion MSMEs in India and provide liquidity support and accessibility to risk capital. According to The Economic Times, Finance Minister Nirmala Sitharaman outlined various measures to enhance this support.

The SME Growth Fund is expected to help MSMEs facing difficulties in accessing funds amid credit constraints, as well as support businesses affected by financial stress and outdated technology, as reported by Free Press Journal. The fund will provide equity support to eligible small businesses and enterprises based on specified criteria.

Brief written by urgent.news from The Economic Times - Economy, Free Press Journal — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.