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November 9, 2015

MSME capital fund to come up in December

MSME capital fund to come up in December

The venture capital fund for micro, small and medium enterprises, which was proposed in the last State budget, will start functioning from next month.

The fund will come up with a corpus of Rs 200 crore. State commerce and industries Minister Dr Amit Mitra said that his department has started the process to identify bankable projects for funding. “We hope to start allocation for micro, small and medium scale enterprises from this fund from next month,“ he said. The fund will also offer seed capital to budding entrepreneurs for starting business.

Dr Mitra spoke on the venture capital fund while addressing the annual general meeting of MCC Chamber of Commerce and Industry. Bengal was marching ahead compared to many other states in the MSME sector. The MSME facilitation and technology centre has been functioning for the last few months.

Dr Mitra added that 56,872 new MSME units have registered in Bengal between May 2011 and October 2015. “This clearly shows the growth in MSME in Bengal during our regime,“ he added. He pointed out that there has been a five-fold increase in the number of MSME clusters during the regime of the Trinamool government. “Only 48 clusters were created in the four years before 2011. But in next four years since 2011, 183 clusters have been created,“ he added.

Dr Mitra also said that total bank credit to MSME during the four years of Mamata regime was Rs 74,437 crore compared to Rs 32,000 crore in the last four years of the Left Front government.

The State government is planning 341 rural marketing hubs for MSME and agro products. “We shall invest Rs 3 crore in each hub and the total allocation will be to the tune of more than Rs 900 crore,“ he added.