Hon’ble Union Minister

Hyderabad/New Delhi,11th March 2024 – The Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman, heralded for her unwavering commitment to fostering economic growth and stability, was presented today with two insightful books by, Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI which showcased pioneering work undertaken by SIDBI.

The first book, titled Prabhaav is an Impact Study of Fund of Funds, reveals the transformative effects of fund allocation strategies under the Start-Up Fund of Funds scheme of the Govt. Meticulous research and analysis reveals how the scheme has resulted in all-around outcomes due to the catalytic effect of the INR 10,000 crore commitment to about 100 AIFs wherein more than 5 times that amount was collected from the market. This multiplied flow of capital led to innovative solutions, inclusiveness & diversity in startups, deepening the funding ecosystem in the hinterlands of the country, and strengthening governance as well as wealth creation. 40% of the AIFs had first-time fund managers and 18% were women-led.

The second book is a comprehensive treatise on Cluster Development, which highlights how SIDBI has been attending to clusters under a Programmatic/Structured Approach adopted. SIDBI has identified the mapping of skill, technology development, and credit gaps as important issues of policy interventions. The diagnostic mapping looks into the segmental, sectoral analysis of the existing enterprises and the potential for new enterprises. The diagnostic studies consist of financial & non-financial services gap mapping including primary and secondary data tapping. The book is a compilation of such diagnostic mapping of 30 clusters representing a variety of Artisanal, Manufacturing, and Service sector clusters based on primary and secondary research along with recommendations/action plans for non-financial/financial issues and suggested/proposed the need for undertaking the below mentioned soft and hard interventions in the clusters.

Shri Sivasubramanian Ramann, Chairman and Managing Director, of SIDBI, expressed profound gratitude for the Finance Minister’s steadfast support and visionary leadership in driving initiatives that empower India’s entrepreneurial landscape. The esteemed minister graciously accepted the books, acknowledging their significance in shaping policies and strategies that catalyze India’s economic resurgence.

As India charts its course towards a robust and resilient economy, collaborations, and partnerships between key stakeholders such as the finance ministry and institutions like SIDBI are poised to play a pivotal role in realizing the nation’s aspirations for inclusive growth and prosperity.