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SIDBI joins hands with Government of Andhra Pradesh for the Development of MSME ecosystem in the State

Posted On: 2021-02-25 09:20:09 (Time Zone: Arizona, USA)


Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing, and development of Micro, Small and Medium Enterprises (MSMEs), has entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to develop the MSME ecosystem in the State. The MoU was signed by Shri J.V.N. Subramanyam IAS, Director of Industries, Commerce and Export Promotion, Government of Andhra Pradesh and Shri Sanjay Jain, General Manager, Regional Head, Small Industries Development Bank of India (SIDBI), Hyderabad, in the presence of Shri Mekapati Goutham Reddy, Cabinet Minister of Industries, Govt. of Andhra Pradesh.

Under the agreement, a Project Management Unit (PMU) will be deployed by SIDBI with Government of Andhra Pradesh. The role of the PMU will be to design schemes / programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs, supporting MSME entrepreneurs and facilitate other need-based intervention based on evaluation of the existing status of MSMEs. The PMU will study existing framework of schemes, interventions, initiatives, projects etc. which are currently available for the benefit of / targeted towards MSMEs in the State and shall suggest modifications, if any, with the objective of enhancing efficacy and removal of bottlenecks.

On this occasion, Shri V. Satya Venkata Rao, Deputy Managing Director of SIDBI said, "In line with our programmatic approach to foster closer cooperation with the State Government, we have started with cluster outreach programs with several States. We have also proposed a cluster development fund for supporting the infrastructural aspects of cluster development in various States as preparation for AatmaNirbhar Bharat. The setting up of PMUs in 10States so far is targeted at placing expert outsourced team for more focused engagement in variousforms leading to a stronger MSME ecosystem.Imbibinggood practices, rejuvenating existing programs and policies, and enable more responsiveecosystem shall be the target of our joining of hands."

The PMUs already in place in 10 states have already completed the compilation of Central and State specific schemes targeting MSME sector beneficiaries. The PMU is also carrying out analysis of existing industrial policies of these states to offer suggestions apart from other policy level suggestions and interventions.

This development initiative is aligned to expectations laid down in UK Sinha Committee on MSMEs set up by RBI. It envisions more focused engagement of SIDBI with State Governments for MSME promotion &development. The PMU will also prepare the process for handholding MSMEs in the State for their onboarding onto digital platforms such as PSBLoansIn59Minutes, Stock Exchange listing, e-commerce platforms such as Government e-Marketplace etc. Along with that, the PMU will also engage in mapping repository of good practices and guidelines both within and outside the State and facilitate adoption of good practices. It will create a framework for evaluating impact of interventions being made for the benefit of MSMEs and shall also provide inputs for policy advocacy.


Source: Equity Bulls

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