UP to create Rs 200 crore venture capital fund for MSME start-ups

SIDBI will manage the venture capital corpus

Uttar Pradesh government will set up a Rs 200 crore venture capital fund to promote micro, small and medium enterprises (MSMEs) startups, especially pertaining to traditional industries in the state.

The government will sign a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) in this regard. The fund would give preference to such MSMEs, which are involved in manufacturing of traditional products and crafts under the aegis of state’s flagship One District, One Product (ODOP) scheme.

UP MSME and export promotion principal secretary Navneet Sehgal yesterday here chaired an important ODOP review meeting, in which it