FM to launch Ubharte Sitaare Fund in Lucknow on Saturday

New Delhi: Finance Minister Nirmala Sitharaman will launch an ambitious 'Ubharte Sitaare Fund' for export-oriented firms and startups on Saturday. The fund has been set up by Exim Bank and SIDBI.

"Nirmala Sitharaman will, on Saturday, August 21, 2021 launch the Ubharte Sitaare Fund for export-oriented small and mid-sized companies jointly sponsored by Exim Bank and SIDBI," Exim Bank said in a release on Thursday.

It will be launched in Lucknow, Uttar Pradesh.

In her Budget speech last year, Sitharaman had mentioned that MSMEs are vital to keep the wheels of economy moving. They also create jobs, innovate and are risk takers.

Accordingly, India Exim Bank's Ubharte Sitaare Programme (USP) identifies Indian companies that have the potential to be future champions in the domestic arena while catering to global demands, said the release.

Exim Bank and SIDBI have developed a pipeline of over 100 potential companies.