Over 3 Lakh MSMEs Registered on Udyam Portal Since July: AK Sharma

Over 3 lakh Micro, Small and Medium Enterprises (MSMEs) have registered in nearly two months through the new registration process on the Udyam Portal, said a top MSME official.

"More than 3 lakh registrations have already happened in the month of July and August and it is further picking up well," said Mr. AK Sharma, Secretary, MSME Ministry during a webinar organised by Confederation of Indian Industries (CII) on Tuesday.

He further said that the Fund of Funds scheme will soon be rolled out.

The other scheme we are working on is the Fund of Funds scheme, most of the formalities are over and in a very short while we will go to the market and invite private equity funds and venture capital funds," Sharma added.

Finance Minister Nirmala Sitharaman in May had announced the Fund of Funds (FOF) will help MSMEs with growth potential and viability even as they face a severe shortage of equity.

For this purpose, a Fund of Funds with a corpus of Rs 10,000 crore is to be set up to provide equity funding for MSMEs with growth potential and viability.

The objective of the Rs 10,000 crore Fund of Funds scheme is to help MSMEs with growth potential at a time when they are facing a severe shortage of equity and low revenues.

The scheme proposes to buy up to 15 per cent growth capital in high credit MSMEs.