New Delhi, Jun 28 (KNN) In a significant move towards fostering sustainable growth in India's crucial MSME sector, the Small Industries Development Bank of India (Sidbi) has intensified its efforts to promote eco-friendly practices and energy efficiency.

Sudatta Mandal, Deputy Managing Director of Sidbi, highlighted the institution's proactive approach during an interactive session held on International MSME Day.

"We've launched various lending products on competitive terms to facilitate the energy-efficient transition of MSMEs," Mandal stated, underscoring Sidbi's commitment to greening the MSME ecosystem.

One of Sidbi's notable achievements in this domain is the Partial Risk Sharing Facility for energy efficiency, a World Bank-supported program with a substantial corpus of USD 37 million.

Beyond financial support, Sidbi is actively assisting MSMEs in assessing their energy efficiency and adopting low-emission pathways. Mandal emphasised the importance of MSMEs leveraging various schemes for technology upgradation, innovation promotion, and credit-linked capital subsidies to ensure sustainable growth.

The government's Production Linked Incentive (PLI) schemes have also seen significant traction in the MSME sector, with 176 MSME projects approved, covering investments worth Rs 3.20 lakh crore.

As India strives to balance economic growth with environmental sustainability, Sidbi's initiatives serve as a crucial bridge, enabling MSMEs to adapt to green practices while enhancing their competitiveness in the global market.

The success of these programs could potentially reshape the landscape of India's MSME sector, making it a model for sustainable industrial development in emerging economies.

(KNN Bureau)