State plans equity funding to promote Micro, Small and Medium Enterprises

  • | Thursday | 28th June, 2018

JAMSHEDPUR: The state government has created a corpus fund of Rs 100 crore to commence equity funding for Micro, Small and Medium Enterprises (MSMEs) and start-up projects. "The corpus is small, to begin with, but gradually its size will increase," said industry director K Ravi Kumar. "The government, at best, can be a good facilitator in providing logistics and infrastructure and frame favourable policies and create an ideal environment. But to promote MSMEs, big industries in the surrounding areas should come forward," he said.Announcing that global automobile giant Tata Motors will procure 75% of the ancillary products from local vendors, Kumar said Tata Steel and SAIL should also procure industrial products from local suppliers. The government has partnered with Gujarat Venture Capital for the project.To begin with, the government has allocated Rs 15 crore for disbursement among entrepreneurs in the first three years and the funds will be increased in the coming years.

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