Microfinance fund gets double the allocation this year at Rs 400 crore

Microfinance Monitor, Feb 26, 2010: Indian Finance Minister Pranab Mukherjee, while presenting the Union Budget 2010-11, in parliament on Friday, announced that the corpus for the Micro-Finance Development and Equity Fund is being doubled to Rs. 400 crore ($800 million) in 2010-11.

In addition , the Micro, Small and Medium Enterprises Sector got an impetus in the form of more allocation from Rs.1,794 crore to Rs. 2,400 crore for the year 2010-11. This follows recent move by the Prime Minister to constitute a High-Level Task Force that held detailed discussions with all stake holders and drew up an agenda for action. A High Level Council on Micro and Small Enterprises will monitor the implementation of the recommendations and the agenda for action.