BIZAMP – Amplifying Business of NORTH EAST REGION through SRI FUND, FIRST OUTREACH PROGRAMME held at DIMAPUR, NAGALAND

Secretary, Ministry of MSME Shri B.B Swain presided over 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 at Dimapur Nagaland on 4^th May 2023. The programme , aimed at empowering MSMEs from the North Eastern States and amplifying their businesses utilizing benefits under SRI Fund, saw participation from MSMEs across the north east region, daughter funds and other state dignitaries.

The programme had dedicated sessions for the participants that included awareness sessions from SBI Capital Ventures, NEDFi etc. The programme also provided a platform to beneficiary MSMEs to present their stories and inspire the aspiring MSMEs present at the event. The event showcased concerted efforts of State and Central government with the presence of Industry Secretaries from various north eastern states who provided insights about various policies designed for MSMEs to assist them in their growth.  Speaking at the occasion Shri BB Swain, Secretary M/o MSME congratulated all the officials of the Ministry and NVCFL and said “The joint efforts of the state and the central government to boost the MSME sector in the NE will bring out new avenues of growth, promote startups and existing enterprises, and will take the MSME cluster of the state to new heights” He also urged the participants present to take the maximum advantage of the SRI Fund and interact with as many daughter funds as possible.

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. The SRI fund which 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 31^st March 2023, the fund has made a capital commitment of Rs. 5,120 crore to 42 empaneled daughter funds.

BizAmp, 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.

Given the impact of MSMEs on our 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. M/o MSME is consistently working to empower MSMEs 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.

Chairperson, NVCFL & Joint Secretary of Ministry of MSME along with other dignitaries including Secretary – North East Council, CMD – NEDFi (North Eastern Development Finance Corporation), CGM – SBI (NER), MD & CEO , SBI Capital Fund, Director & CEO of NVCFL were also present on the occasion.

Source : https://pib.gov.in/PressReleasePage.aspx?PRID=1921964