Finance Minister Arun Jaitley launched the India Aspiration Fund (IAF) to be set up as a fund of funds under the Small Industries Development Bank of India (SIDBI) in order to boost the startup ecosystem in the country.
“India is witnessing a startup revolution and to harness the potential of India’s innovators and entrepreneurs a vibrant financial ecosystem is essential. IAF will play a vital role in this financial ecosystem,” said Arun Jaitley.
Jaitley also launched a new scheme called SIDBI Make in India Loan for Small Enterprises (SMILE) with an allocation of Rs 10,000 crore.
“India is expected to surpass the UK in terms of number of startups launched and would be behind only to the US. There is need for more funds that focus on startups and growth stage MSMEs,” said Minister of State for Finance Jayant Sinha.