MSMEs Secure ₹999 Crore from NSIC Venture Capital Fund by July 2024

Micro, Small, and Medium Enterprises (MSMEs) have secured a total of ₹999 crore in investments from the NSIC Venture Capital Fund as of July this year, according to the National Small Industries Corporation (NSIC). This fund, which serves as a ‘mother fund’ with a corpus of ₹10,000 crore, is part of the government’s efforts to support the MSME sector under the Self-Reliant India Funds initiative.

1. Ravi Kumar, Chief General Manager of NSIC, revealed that the MSME Ministry had allocated ₹10,000 crore to NSIC, which is disbursed through 55 SEBI-registered Category II Daughter Funds. Of the total ₹10,000 crore, ₹5,545 crore has already been committed for investment by the end of July, benefiting 460 industries across the country.

In addition to the funding support, NSIC is spearheading the MSME Trade Enablement and Marketing Initiative (MSME-TEAM), aiming to onboard five lakh MSMEs onto the Open Network for Digital Commerce (ONDC) platform within the next three years. These MSMEs will receive end-to-end support as part of the initiative. Furthermore, NSIC plans to launch a portal for MSMEs, similar to the Government e-Marketplace (GeM) Portal, to enhance business opportunities for MSME businesses.

At the FICCI CMSME National Conference 2024 in New Delhi, Dr. Rajneesh, Additional Secretary and Development Commissioner for MSMEs, reiterated that there are an estimated seven crore MSMEs in India, with five crore already registered with the government. He also emphasized that the government has made significant progress in closing the MSME credit gap by addressing both the quantum and cost of credit. Over the past two years, credit guarantees totaling ₹4 lakh crore have been provided to MSMEs, with plans to ramp this up by an additional ₹5 lakh crore in the coming two years.

Disclaimer: The information provided in this article is based on news updates and reports gathered from various internet sources. While every effort has been made to ensure the accuracy and reliability of the information, we encourage readers to verify the details independently before making any decisions.