New Delhi: The Ministry of Micro, Small and Medium Enterprises (MSMEs) in consultation with the National Innovation Council plans to set up a dedicated fund, India Inclusive Innovation Fund, with initial contribution of Rs 100 crore (US$ 18.07 million), said Mr Vayalar Ravi, Union Minister for Overseas Indian Affairs, with additional charge of Ministry of MSME.
The fund would aim to promote innovation and improve the competitiveness and efficiency of small and medium enterprises (SMEs), added Mr Ravi.
Meanwhile, replying to another query, the Minister stated that under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), 870,000 proposals have been approved for guarantee cover for total sanctioned loan amount of Rs 41,794 crore (US$ 7.55 billion), as on July 31, 2012.
The scheme provides guarantee cover for the credit facility that is extended to new and existing micro and small units, both in manufacturing and services sectors.
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