SIDBI joins hands with UP govt for MSME ecosystem development in the State

Agra, Sept 19 (KNN) Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with the Uttar Pradesh Government to develop the MSME ecosystem in the state.

The MoU was exchanged by Navneet Sehgal, IAS, Additional Chief Secretary (Department of MSME), UP government and Manoj Mittal, Deputy Managing Director, SIDBI in the presence of the Chief Minister of Uttar Pradesh Yogi Adityanath.

Under the MoU, a Project Management Unit (PMU) will be deployed by SIDBI with the UP government. The PMU will support the state government in making necessary interventions for enhancing efficacy of MSMEs in the state.

The PMU will also develop a comprehensive plan for an organized development and growth of the MSMEs in UP encompassing, among others, the following:

   --  a.) Designing of scheme(s) in the areas of equity support, interest subvention, resolution of stressed MSMEs,

   --  b.) Connecting the beneficiaries of Vishwakarma Shram Samman Yojana (VSSY) scheme to Micro Finance Institutions (MFIs) for financial needs,

   --  c.) Supporting One District One Product (ODOP) cell, cluster mapping for potential/emerging clusters.

“We are working towards upliftment of MSMEs in the State and have started collaborating with state Governments. We have appointed an expert agency for setting up PMUs in 11 states. This is the fifth collaboration after Haryana, Maharashtra, Rajasthan and Gujarat. We shall also enter into MoU in Tamil Nadu, New Delhi, Uttarakhand, Karnataka and Andhra Pradesh soon,``said  Manoj Mittal, Deputy Managing Director of SIDBI said.