Govt to set up Rs. 100 cr Innovation Fund for SMEs

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SME Times News Bureau | 10 Aug, 2012
To improve the competitiveness and efficiency of Small and Medium Enterprises (SMEs), the Ministry of Micro, Small and Medium Enterprises (MSME) has taken an initiative to set up a dedicated fund with an initial contribution of Rs.100 crore.

"The ministry has taken initiative in consultation with National Innovation Council (NIC) to set up a dedicated fund of Rs.100 crores in the name of 'India Inclusive Innovation Fund' for promoting grass root innovations," Vayalar Ravi, who has been given additional charge of MSME Ministry, said in a written reply to Lok Sabha.

The amount allocated for the scheme for the current fiscal is Rs 100 crore, he added.

The scheme is at the stage of approval, Ravi said.

Replying to another query, Ravi said, "Under the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE) 8,73,013 proposals have been approved for guarantee cover for total sanctioned loan amount of Rs. 41,794.31 crore till 31st, July 2012."