New Delhi, Jun 1 (PTI) The Union Cabinet on Monday approved Rs 50,000 crore equity infusion for MSMEs to strengthen their growth potential.

The government also approved Rs 20,000 crore subordinate debt for stressed MSMEs.

Also Read | Samsung’s New Galaxy Watch to Be Launched Soon.

Union Minister Prakash Javadekar said the decision on equity infusion will also enable micro, small and medium enterprises (MSMEs) to get listed on stock exchanges.

A fund of funds with cropus of Rs 10,000 will be set up. The fund of funds will be operated through mother fund and few daughter funds.

Also Read | Zoom Plans to Offer Stronger Encryption for Video Calls Only to Its Paid Customers.

The fund structure will help leverage Rs 50,000 crore of funds at daughter funds level.

The subordinate debt for stressed MSMEs is likely to benefit 2 lakh stressed MSMEs.

Meanwhile, the government further amended the definition of MSME. Turnover limit for medium enterprises has been revised upward to Rs 250 crore (from Rs 100 crore as announced earlier).

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)