Economy showing signs of recovery, govt ready to extend any help: Sitharaman

23rd Aug, 2021

Economy showing signs of recovery, govt ready to extend any help: Sitharaman

In Lucknow, Union Finance Minister Ubharte Sitaare announces the creation of the Ubharte Sitaare Fund, claiming that Uttar Pradesh, which has the highest number of MSMEs, will profit. Nirmala Sitharaman, the Union Finance Minister, stated on Saturday that she would not play the numbers game when it came to GDP (Gross Domestic Product) growth, but that the economy has showed indications of recovery and will recover. Sitharaman and the state government's One District One Product (ODOP) initiative will help Uttar Pradesh, which has the largest number of MSMEs (micro, small and medium enterprises), unlock their true potential for both domestic and export markets, she said at the launch of the Ubharte Sitaare Fund in Lucknow. The fund has a 500 crore corpus. She also stated that the federal government was prepared to provide whatever assistance that the economy might require on its road to recovery. “At the moment, I'm not playing any number games. We hope the economy recovers, and whatever more assistance the economy may require, we are prepared to provide,” Sitharaman told reporters following the event. The fund would be jointly anchored by India Exim Bank and SIDBI to assist small and mid-sized businesses who are having difficulty realising their export goals. “The economy needs to be supported to revive, and we are seeing indications of recovery,” the finance minister added.“SIDBI and India Exim Bank have joined together to handhold the MSMEs industry and launched Ubharte Sitaare,” Sitharaman stated in her Union budget address for 2020-2021, when announcing the Ubharte Sitaare initiative .She also stated that the plan will assist India's export champions in financing and obtaining technology, as well as other issues. She said that other industrialised countries, such as Germany, have already tried such a plan by selecting and backing champion industries and supplying them with the required technology.