New Delhi, Oct. 6 -- The Union Cabinet on Tuesday approved a government commitment of Rs 10,000 crore towards the establishment of the SME Growth Fund, aimed at providing direct equity investments to growth-oriented small and medium enterprises and helping create a new generation of Indian companies capable of competing globally.

The fund is expected to address a structural gap in long-term growth capital available to SMEs, particularly enterprises seeking to scale operations, adopt advanced technologies, expand internationally and integrate into global value chains, according to a release.

Briefing the media, Union Minister for Information and Broadcasting, Ashwini Vaishnaw said the new fund for SME's was established keeping in mind th...