Fund of Rs 200 crores should be earmarked for MSMEs, UP CM urges SIDBI

New Delhi, July 8 (KNN) The Yogi Adityanath government in Uttar Pradesh has requested the Small industries Development Bank of India (SIDBI) to designate an amount of 200 crores as corpus to promote the Micro, Small and Medium Enterprises (MSMEs) in the state of Uttar Pradesh.

In a press interview, Deputy MD of SIDBI, Ajay Kumar informed about the plans, talks with regard to the setting up of this corpus are underway.

Also SIDBI has announced setting up of incubation centre at the Indian Institute of Management (IIM) in Lucknow under the SIDBI Centre for innovation and Financial Inclusions (SCIFI). An amount of Rs 2.5 crore has been outlined for this project.

SIDBI further said that the credit flow to the MSMEs has been a challenge. It has been a constant focus of SIDBI to partner with other lending organization in order to support the MSME sector. SIDBI informed about its partnership with Vijaya Bank and Capital Small Finance Bank in this regard.

Also earlier this week, the UP government launched its new industrial policy which did not impress the MSME sector. Responding to this, the State MSME department informed about the formulation of a State MSME policy that is likely to be announced soon. (KNN/ DA)

COMMENTS

Dr Mrs Sushma Joiya Pandit 08/07/2017 3:34 PM

Hon'ble Chief Minister Shri Yogi ji, It is a very laudable situation at which you have taken the initiative to boost up MSME in the State of Uttar Pradesh. As the name implies, SIDBI is brought into existence to cater the needs of MSME Units throughout India. We request your honor to kindly make it possible to establish Branches of SIDBI within the premises of every DIC of Uttar Pradesh under the jurisdiction of General Manager of District Industries office. This will enable the entrepreneurs to avail the financial assistance from SIDBI under the administrative control og GM,DIC of the District.

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