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Current Affairs

‘Start-Up Fund’ –By Uttar Pradesh and SIDBI

Current Context: Uttar Pradesh government has signed a MoU with Small Industries Development Bank of India (SIDBI) to launch Uttar Pradesh ‘Start-Up fund’.
‘Start-Up Fund’ –By Uttar Pradesh and SIDBI
  • ‘Start-Up fund’ has been launched under UP Information Technology and Start-up Policy 2017.
  • It has been launched with an aim to promote entrepreneurship skills among the youth, to support the registered start-up ventures present in the state of UP and to create job opportunities.
  • Initial contribution of Rs 15 crore has been made to the fund by the Chief Minister of Uttar Pradesh.
  • The ‘Start-Up fund’ will be in the form of fund of funds and will take part in SEBI approved alternative Investment Funds and would not be directly invested into start-ups.
  • The tenure of the fund is 12 years and SIDBI will be acting as its fund manager.
  • Static Part: 
    • CM of Uttar Pradesh: Yogi Adityanath
    • Governor of Uttar Pradesh: Anandiben Patel
    • National Parks ,Wild Life Sanctuaries and Bird Sanctuaries in UP: Dudhwa National Park & Tiger Reserve, Chandraprabha Wildlife sanctuary, National Chambal Sanctuary, Pilibhit Wildlife Sanctuary, Nawabganj Bird Sanctuary, Okhla Bird Sanctuary, Soor Sarovar Bird Sanctuary, Hastinapur WLS
  • Static Part: 
    • HQ of SIDBI: Lucknow
    • Chairman and MD of SIDBI: Mohammad Mustafa

Question: 

Q.1 With whom Uttar Pradesh signed MoU to launch ‘Start-Up fund’?
a. Ministry of MSME
b. SIDBI
c. Bank of India
d. Axis Bank
‘Start-Up Fund’ –By Uttar Pradesh and SIDBI ‘Start-Up Fund’ –By Uttar Pradesh and SIDBI Reviewed by Neha Verma on May 22, 2020 Rating: 5

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