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Fund to focus on non-farm micro enterprises
Dr Arjun Sengupta
Our Bureau
New Delhi, Nov. 6
The proposed National Fund for the Unorganised Sector (NAFUS) will primarily focus on non-farm micro enterprises with investment of less than Rs 5 lakh, the Chairman of the National Commission for Enterprises in the Unorganised Sector (NCEUS), Dr Arjun Sengupta, said on Tuesday.
Addressing a news conference here after the Commission had presented two reports, the last one on Monday to the Prime Minister, Dr Manmohan Singh, Dr Sengupta said that the two reports of the Commission reveal in no unmistakable terms that this segment constitutes 94 per cent of all small enterprises estimated at 58 million, currently with a total employment of 104 million.
He said that while the first report dealt with the status of financing of this sector and highlighted deficiencies in institutional infrastructure and constraints in financing this sector, the second report gives the rationale, organisational model and functions, and sources of financing of the NAFUS.
Dr Sengupta said that the fund would be established on the pattern of the National Bank for Agriculture and Rural Development (Nabard) and would exclusively cater to meeting the financing and promotional assistance gaps in the development of the non-farm unorganised sector.
Being a statutory body, it would leverage funds from the market, and national and international institutions to meet its remit of serving the under-served segment of the economy.
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