On Tuesday, the Union Finance Minister Arun Jaitely has launched two funds by Small Industries Development Bank of India (SIDBI), a fund of funds with total amount of Rs 12,000 crore that is also expected to fire up start-ups.

“India is witnessing a start-up revolution and to harness the potential of India’s innovators and entrepreneurs a vibrant financial ecosystem is essential. The IAF is intended to play a vital role in this financial ecosystem,” Arun Jaitley said.

The funds are SIDBI Make In India Loan For Enterprises (SMILE) scheme with an investment size of Rs 10,000 crore and Rs 2,000 crore Indian Aspiration Fund (IAF).

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