Finance Minster’s announcement of new fund

Solution

The ''Ubharte Sitaare Fund'' has been set up by Exim Bank and SIDBI. The Ubharte Sitaare Programme (USP) identifies Indian companies that are future champions with good export potential. An identified company should have potential advantages by way of technology, product or process. It can be supported even if it is currently underperforming or may be unable to tap its latent potential to grow. The Programme diagnoses such challenges and provides support through a mix of structured support covering equity, debt and technical assistance. Objectives of the Fund: a) To enhance India’s competitiveness in select sectors through finance and extensive handholding support b) To identify and nurture companies having differentiated technology, products or processes, and enhance their export business; c) To assist units with export potential, which are unable to scale up their operations for want of finance; d) To identify and mitigate challenges faced by successful companies which hinder their exports; e) To assist existing exporters in widening their basket of products and target new markets through a strategic and structured export market development initiative.