SIDBI signs 7th MoU to strengthen MSME ecosystem in the partner States

New Delhi: Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises(MSME), has entered a Memorandum of Understanding (MoU) with the Government of Tamilnadu(GoTN)to develop the MSME ecosystem in the State.

Under the MoU,SIDBI shall deploy a Project Management Unit (PMU)in Government of Tamilnadu.The role of the PMU will be to design training and capacity building programs, which may be taken up by GoTN, in areas such as technology transfer, promotion of innovation, intellectual property rights, research & development, leveraging of technology / technology solutions for enhancing business capabilities and collaborations between MSMEs & technology driven businesses / startups, etc. The PMU will facilitate interventions, initiatives, projects etc. for MSMEs in the State with the objective of enhancing efficacy and removal of bottlenecks.

On this occasion Shri V Satya Venkata Rao,Deputy Managing Director,SIDBI, said, “In line withUK Sinha Committee recommendations SIDBI has adopted programmatic approach to foster closer cooperation with State government. SIDBI has signed MoU with seven states and 4 more are planned in near future. The setting up of PMUwith expert team aims at bringing a focused engagement in various formsleading to a stronger Atmanirbhar state and country. The PMU is expected to bring a deeper engagement in financial and non-financial fronts in the State of Tamilnadu.SIDBI is also structuring a cluster development fund for supporting the infrastructural aspects of cluster development in States”

With its continuous endeavor, SIDBI has so far entered into7 MoUs with different states. Yesterday MoU was signed with the Government of Uttarakhand in presence of Hon’ble Chief Minister of Uttrakhand, Shri Trivendra Singh Rawat, Shri Manoj Mittal, Deputy Managing Director, SIDBI and other dignitaries of Uttarakhand Government.A policy paper for medical devices sector was also released for targeted thrust at state enterprises.

In 5 partner states,PMUs have since been set up. They have commenced mapping of the gaps, match these with good practices in other states as also evolve as facilitators of development & strengthening of MSME eco system. They shall support onboarding onto digital platforms, stock exchange listing, e-commerce platforms such as Government e-Marketplace etc.

By acting as harbinger amongst partner States, SIDBI intends to contribute to emergence of more responsive ecosystem which is Vocal for Local and strengthens nation’s resolve to emerge as AtmaNirbhar Bharat.