Narendra Damodardas Modi (born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. He was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament for Varanasi. Modi is a member of the Bharatiya Janata Party (BJP) and of the Rashtriya Swayamsevak Sangh (RSS), a Hindu nationalist volunteer organisation. He is the first prime minister outside of the Indian National Congress to win two consecutive terms with a full majority and the second to complete five years in office after Atal Bihari Vajpayee.
NEW DELHI: The union Cabinet, headed by Prime Minister Narendra Modi, on Monday approved ₹50,000 crore equity infusion for micro small and medium enterprises (MSMEs) through Fund of Funds, and another ₹20,000 crore fund for the distressed sector.
The government will set up ₹10,000 crore fund, which, with leverage, will be able to finance equity infusion of about ₹50,000 crores in small businesses.
The move is expected to expand size as well as capacity of MSMEs and will encourage them to get listed on main board of domestic bourses, MSME minister Nitin Gadkari said.
The Cabinet also approved the new definition of MSMEs that will include higher investment limit and an additional norm based on turnover.