INR 60 crore ASPIRE Fund to promote rural innovation

Q.  SIBDI has launched an INR 60 crore fund to promote innovation, rural entrepreneurship and agricultural industry. What is it called?
- Published on 21 Oct 16

a. INSPIRE
b. ASPIRE
c. IGNITE
d. None of the above

ANSWER: ASPIRE
 
INR 60 crore ASPIRE Fund to promote rural innovationSIBDI has launched an INR 60 crore corpus ASPIRE Fund on 20th Oct 2016 to promote innovation, agricultural industry and rural entrepreneurship. SIDBI will focus on numerous angel/venture capital funds that will invest in start ups or early stage enterprises, based on value addition in the rural economy and job creation through social impact funding
  • The INR 60 crore funds of funds falls under ASPIRE or A Scheme for Promotion of Innovation and Rural Entrepreneurship and Agro Industry
  • This supports various venture capital funds registered with the market regulator SEBI for investing in startups in the agro and rural space
  • Government initiatives such as ASPIRE are one of many steps for providing support to various venture capital for unleashing the potential of MSME
  • ASPIRE has an aggregate corpus of INR 200 crore and SIDBI is also launching the India Aspiration Fund under which 35 funds have been extended aggregate support of INT 1211.75 crore

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