We must bridge funding gap for MSMEs, startups: L-G Sinha

“We must leverage the existing strengths, better infrastructure, build strong linkages between J&K’s industrial ecosystem and national financial institutions and bridge the funding gap for MSMEs and startups,” Lieutenant Governor Manoj Sinha said on Saturday.

He was speaking at the first ever “Self-Reliant India (SRI) Fund Outreach” event at Srinagar. The Lieutenant Governor congratulated Union Ministry of MSME, NSIC Venture Capital Fund Limited (NVCFL), Jammu & Kashmir Entrepreneurship Development Institute (JKEDI) and J&K Department of Industries & Commerce for this landmark initiative to connect the start-ups and MSME entrepreneurs of J&K with VC firms and institutional investors.

He said the event will build awareness about the SRI Fund and inform the entrepreneurs about its active role in bridging the funding gap for MSMEs. The main objective of SRI Fund is to enhance access to equity capital for Micro, Small and Medium Enterprises (MSMEs)/startups and extend the reach of venture capital to emerging regions. The SRI Fund, launched under the Aatmanirbhar Bharat Abhiyan, is Rs 50,000 crore Fund of Funds Scheme designed to promote growth-oriented MSMEs through a Mother Fund–Daughter Fund structure. The event will introduce J&K-based enterprises to venture capital mechanisms and promote equity-based financing options for business growth and expansion.

“Entrepreneurs, investors and policy-makers are gathered here today at one place and I am confident that a new era has begun for startups and micro and small-scale industries. The investors of Jammu Kashmir will directly benefit from the reforms that the Prime Minister is giving new impetus to with the resolve of self-reliant India,” the Lieutenant Governor said.

Sinha asked the Venture Capitalists (VCs) and investors to assess the capabilities of individual entrepreneurs, the potential of Jammu Kashmir and the business venture with full sensitivity and responsibilities.

“Industrial development of Jammu and Kashmir, rejuvenation of startups and MSMEs is not merely a business exercise. It is your duty towards the nation. The rapid development of J&K’s MSMEs and startups is the collective responsibility of investors,” the Lieutenant Governor told the VCs and Investors.

He also called for providing better resources and opportunities to the young and budding entrepreneurs of Jammu and Kashmir.