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Home Economy

Ubharte Sitaare’ Alternative Investment Fund

August 24, 2021
in Economy
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In news-  The Union Finance Minister launched the Ubharte Sitaare Fund recently.

About Ubharte Sitaare Fund-

  • The fund has been set up by Exim Bank and SIDBI. 
  • The Ubharte Sitaare Programme (USP) identifies Indian companies that are future champions with good export potential. 
  • An identified company should have potential advantages by way of technology, product or process. 
  • It can be supported even if it is currently underperforming or may be unable to tap its latent potential to grow. 
  • The Programme diagnoses such challenges and provides support through a mix of structured support covering equity, debt and technical assistance.
  • This alternative investment fund is aimed at providing debt and equity funding to export-oriented MSMEs as well as providing them with the required technological support to make their businesses more competitive.
  • It has a corpus of Rs 250 crore.
  • 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.

Objectives of the Ubharte Sitaare Programme-

  • To enhance India’s competitiveness in select sectors through finance and extensive handholding support.
  • To identify and nurture companies having differentiated technology, products or processes, and enhance their export business.
  • To assist units with export potential, which are unable to scale up their operations for want of finance.
  • To identify and mitigate challenges faced by successful companies which hinder their exports.
  • To assist existing exporters in widening their basket of products and target new markets through a strategic and structured export market development initiative.

Export-Import Bank of India (EXIM Bank)-

  • The Export-Import Bank of India (Exim Bank) is a public sector financial institution created by an Act of Parliament, the Export-import Bank of India Act, 1981.
  • Finally set up in 1982.
  • The business of Exim Bank is to finance Indian exports that lead to continuity of foreign exchange for India.
  • The Exim Bank extends term loans for foreign trade.
  • The operations of the Bank are governed by a Board of Directors, consisting of a chairman, a managing director, two deputy managing directors; one director each nominated by the Reserve Bank of India; IDBI Bank Ltd. and ECGC Ltd.
  • Not more than 12 directors nominated by the Central Government of, whom 5 directors are Central Government officials; not more than 3 directors are from commercial banks; and up to 4 directors are professionals with experience in export / import or financing.

Small Industries Development Bank of India (SIDBI)-

  • SIDBI was set up under an Act of Parliament in 1990. 
  • Though it was a wholly owned subsidiary of Industrial Development Bank of India, presently the ownership is held by 33 Government of India owned / controlled institutions. 
  • It is headquartered in Lucknow.

Functions:

  • To initiate steps for technological up gradation and modernization of existing units.
  • To expand the channels for marketing the products of SSI sector in domestic and international markets.
  • To promote employment oriented industries especially in semi-urban areas to create more employment opportunities and thereby checking migration of people to urban areas.
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Source: The Indian Express
Tags: News PaperPrelims

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