SIDBI enters MoU with Maharashtra to Develop MSMEs

SIDBI enters MoU with Maharashtra to Develop MSMEs

Picture of Birender Singh

Birender Singh

-Ayshwaria Lakshmi

SIDBI announced that it has entered a Memorandum of Understanding with the Govt. of Maharashtra to develop the MSME ecosystem in the State.

Under this agreement, SIDBI will deploy a Project Management Unit (PMU) with Govt. of Maharashtra. This MoU was signed by Dr Harshadeep Kamble, I.A.S., Secretary (Small & Medium Industries) & Development Commissioner (Industries), Govt. of Maharashtra and V. SIDBI enters MoU with Maharashtra to Develop MSME Satya Venkata Rao, DMD, SIDBI, in the presence of Subhash Desai, Cabinet Minister of Industries, Maharashtra.

The role of the PMU will be to design schemes/programs 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.

PMU will also study the existing framework of schemes, interventions, initiatives, projects etc. available for the benefit of MSMEs in the State. It shall suggest modifications on the same to enhance efficacy & removal of bottlenecks.

“We have already started collaborating with State Governments for more focused engagement in various forms for the upliftment of MSMEs. We have appointed an expert agency for setting up PMUs in 11 states namely, Assam, New Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu in the pilot phase,” Satya Venkata Rao Deputy Managing Director of SIDBI said. “With this, SIDBI intends to cooperate closely with State Governments to strengthen the enterprise ecosystem with thrust on Micro and Small Enterprises. Imbibing good practices, rejuvenating existing programmes and policies, and enable a more responsive ecosystem shall be the target of our joining of hands.”

This initiative by SIDBI is aligned to the UK Sinha Committee’s expectations expanding its role. The PMU will set-up a process for MSMEs to get digital platforms such as PSB Loans In 59 Minutes, listing on stock exchanges, e-commerce platforms including the public procurement portal Government e-Marketplace. SIDBI said the PMU will establish a framework to understand the impact of such interventions on MSMEs.