SIDBI Launches ASPIRE Fund

IAS Prelims 2023
SIDBI has launched a Rs 60 crore ASPIRE fund to promote innovation, rural entrepreneurship and agricultural industry.

The Rs 60 crore ‘fund of funds’ falls under ‘A Scheme for Promotion of Innovation and Rural Entrepreneurship and agro industry (ASPIRE)’ for supporting various venture capital funds registered with market regulator Sebi for investing in startups in the agro and rural space.

Rs 19.50 crore have already been sanctioned to two venture capital funds and one more proposal for commitment of contribution of Rs 10 crore is under process.

ASPIRE has an aggregate corpus of Rs 200 crore.

SIDBI is also managing India Aspiration Fund (IAF), which was formally launched by Finance Minister Arun Jaitley in 2015 under which so far 35 funds have been extended an aggregate support of Rs 1,211.75 crore.