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UK govt to fund SMEs in India

UK government’s funding arm DFID will provide an assistance of 230 million pound (about Rs 2,400 crore) in the form of loans for providing finance to the SME sector in West Bengal. UK minister of state for energy, climate change and business engagement with India, Greg Barker, who called on the state industry and finance minister Amit Mitra said the money would be routed through institutions like SIDBI and nationalised banks, which in turn would extend funds to the SME sector. Barker said there were visible changes happening in the city and state. He said that the UK was the third largest investor in India, while India was the fifth largest in the UK, adding that this was the first time that a ministry responsible for improving business ties with India was formed.

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