NEW DELHI, July 11, 2014 /PRNewswire/ --
The most-awaited Union Budget has undoubtedly come as a delight for some sections of the economy. And the fund allocation of Rs. 10,000 crore for start-up SMEs is definitely a major highlight of the budget. Addressing their credit concerns in the country, the government has announced the formation of a venture capital fund to extend financial assistance in the form of equity, quasi-equity and risk-capital. Besides encouraging entrepreneurship in the country, the move is aimed at eliminating investment related issues for the SME sector.
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Commenting on the crucial announcement, Dinesh Agarwal, Founder & CEO, IndiaMART, said, "The Union Budget 2014 reflects optimism for the Indian SMEs in the coming year. With conducive financial schemes and budget allotments planned in their favour, SMEs are bound to make a substantial contribution to the country's GDP. The efforts undertaken to promote entrepreneurship are truly a positive sign for the economy."
Providing a further boost, the finance minister liberalised the much-talked about FDI in the e-commerce sector. This is a welcome step towards creating new opportunities for small and medium enterprises, resulting in greater employment for the economy.
Another significant announcement is the setting up of a 'Technology Development Fund' to focus on easy flow of finance for the SME space, which would enable expansion, keeping away the financial constraints. Besides this, the amount of Rs. 100 crore allocated for start-up village entrepreneurship is a step in the right direction for the prospective entrepreneurs located in rural India. The move will encourage the rural youth to participate in local entrepreneurship programs, and also learn relevant skills in their respective fields.
About IndiaMART.com
IndiaMART.com is India's largest online B2B marketplace for small and medium size businesses, connecting global buyers with suppliers. The company offers a platform and tools to over 1.5 million suppliers to generate business leads from over 10 million buyers, who use the platform to find reliable and competitive suppliers. The company has over 2,600 employees located across 40+ offices in the country. Its existing investors include Intel Capital and Bennett, Coleman & Co. Ltd.
For more information, visit http://www.indiamart.com/corporate/releases/
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Media Contact: Jaya Sinha, [email protected], +91-120-3997600, IndiaMART InterMESH Ltd
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