Why in news? BizAmp, an outreach programme organized by the Ministry of MSME in association with NSIC Venture Capital Fund Limited (NVCFL) under its Self-Reliant India (SRI) Fund was organised at Dimapur Nagaland on 4th May 2023.
- The programme , aimed at empowering MSMEs from the North Eastern States and amplifying their businesses utilizing benefits under SRI Fund
- It saw participation from MSMEs across the north east region, daughter funds and other state dignitaries.
About SRI Fund
- The Government of India, launched SRI Fund with an outlay corpus of Rs 10,006 crore, concentrated towards financing an infusion of capital to MSMEs through Daughter Funds.
- It 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 31st March 2023, the fund has made a capital commitment of Rs. 5,120 crore to 42 empaneled daughter funds.
- It is the first outreach programme in the North East Region of the country focused upon maximizing capital benefits through NVCFL’s SRI Fund. It served to provide a platform for the empaneled daughter funds of SRI Fund to reach the MSMEs in the NE Region of India.
Need for such initiatives:
- Given the impact of MSMEs on economy, it is imperative that focused efforts are given to promote entrepreneurship amongst the youth and create a conducive ecosystem where they play an integral role in development of Indian economy to realize the 5 trillion USD economy.
- Nurturing the MSME sector is important for the economic well-being of the nation.
- It is required for sustainable growth and to become compatible in the global value chain. This will help the MSMEs in the NER to interact with the Venture Capital Funds (daughter funds) and reap the benefit through capital infusion for scaling up their business.