The Ministry of Micro, Small and Medium Enterprises (MSME) in association with NSIC Venture Capital Fund Limited (NVCFL) will be organising its first Self Reliant India (SRI) Fund outreach programme at the Agri Expo Dimapur on May 4. (Morung Photo)
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Morung Express News
Dimapur | May 3
The Ministry of Micro, Small and Medium Enterprises (MSME) in association with NSIC Venture Capital Fund Limited (NVCFL) will be organising its first Self Reliant India (SRI) Fund outreach programme for the Northeast region at Agri-Expo Dimapur on May 4 with BB Swain, Secretary, Ministry of MSME as the chief guest.
This was announced by officials during a press conference held at Hotel Saramati, Dimapur on May 2. Under the motto of BizAmp- amplifying businesses of NE region through SRI fund, the initiative aims to empower MSMEs from the NE States and amplifying their businesses utilizing benefits under SRI Fund.
Saravana Kumar, CEO of NSIC Venture Capital Fund Ltd reported that the Government of India, launched the SRI Fund with an outlay corpus of Rs 10,006 crore, concentrated towards financing an infusion of capital to MSMEs through daughter funds. The SRI fund which is being managed by NVCFL is an Alternative Investment Fund (AIF) providing growth capital to MSMEs through equity/quasi-equity/equity-like structured instruments. As on March 31, 2023, the fund has made a capital commitment of Rs. 5, 120 crore to 42 empanelled daughter funds, he stated.
BizAmp will be attended by MSMEs from across 8 North Eastern States and so far over 100 firms have confirmed to attend the event, he added further.
The chairperson of NVCFL & Joint Secretary of Ministry of MSME will also grace the occasion along with other dignitaries including Secretary to the North East Council, CMD - NEDFi (North Eastern Development Finance Corporation), CGM – State Bank India (NER), MD & CEO, SBICAP
Ventures Ltd., Director & CEO of NVCFL.
Kumar noted that the process towards indentifying the firms for SRI funding will depend on its business prospects or viability, promoters’ credentials and the overall track record of the firm.
Vijay Prakash, zonal general manager of National Small Industries Corporation (NSIC), Guwahati on the other hand explained that the SRI fund was meant to infuse capital to firms who need it to grow and expand. This was in line with the government of India’s desire to kick-start venture capital in Nagaland and the NE region as a whole. During the Hornbill festival we had also sponsored over 100 units free of cost for training and skill development through the SCST fund, he mentioned.
As registration was still open, they have invited those interested to visit their website for knowing more about the event and the programme.
