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SIDBI signs MoU with AP govt to support MSMEs

SIDBI signs MoU with AP govt to support MSMEs
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Hyderabad: The Small Industries Development Bank of India (SIDBI), the financial institution engaged in the promotion, financing, and development of micro, small and medium enterprises (MSMEs), on Thursday declared openly that it has entered into a memorandum of understanding (MoU) with the Andhra Pradesh government to formulate the MSME ecosystem in the state.

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 various forms leading to a stronger MSME ecosystem. Imbibing good practices, rejuvenating existing programs and policies, and enable more responsive ecosystem shall be the target of our joining of hands.”

The MoU was signed by JVN Subramanyam, director of industries, commerce and export promotion, Andhra Pradesh and Sanjay Jain, general manager, regional head, SIDBI, Hyderabad, in the presence of AP industries minister Mekapati Goutham Reddy.

As part of the agreement, a project management unit (PMU) will be established by SIDBI to formulate schemes and programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs and supporting MSME entrepreneurs, among others.

The PMU will moreover examine the existing framework of schemes, interventions, initiatives and projects that are nowadays usable for the benefit of MSMEs and will recommend revisions.

Such PMUs are already in place in 10 states, analyzing existing industrial policies of these states to offer recommendations.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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