Finance Minister Arun Jaitley today launched the India Aspiration Fund (IAF) with initial startup fund of Rs. 2,000 crore set up by Small Industries Development Bank of India -SIDBI in a function held in Mumbai. <br/><br/>On the occasion, the Finance Minister also launched the SIDBI Make in India Loan for Enterprises (SMILE) scheme. Speaking on the occasion, Mr. Jaitley said the country is witnessing a start up revolution and to harness the potential of India's innovators and entrepreneurs a vibrant financial ecosystem is essential.<br/> <br/>Jaitley said that there is a need to create jobs in manufacturing and services sectors and there is also a need to convert ecosystem to make India a manufacturing hub. He added that China's current high wages issue in manufacturing can prove silver lining for India in near future.<br/> <br/>He said the India Aspiration Fund (IAF) is intended to play a vital role in financial ecosystem by catalyzing tens of thousands of crore of equity investment in start up and Micro small and medium enterprises (MSMEs )and creating employment for lakhs of persons over next 4-5 years.<br/> <br/>He also said that SIDBI's make in India loan for enterprise scheme would prove boon for small companies. Jaitley added that MUDRA Bank will also help to bridge the funding gap for SMEs.<br/> <br/>On the occasion, the Finance Minister also handed over sanction letter to a few venture funds and entrepreneurs under the IAF and SMILE.<br/> <br/>Minister of State Finance Jayant Sinha while speaking on the occasion stressed for greater flow of funds in the fields of biotechnology, solar power and manufacturing. He stated that all these sectors have potential to solve India's problems.<br/> <br/>Secretary and Department of Financial services Dr. Hasmukh Adhia, SEBI chief U. K. Sinha, CMD of SIDBI Kshatrapati Shivaji, Chairman of Life Insurance Corporation of India (LIC) S. K. Roy were also present on the occasion.