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AP State inks agreement with SIDBI to handhold MSMEs

AP State inks agreement with SIDBI to handhold MSMEs

Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing, and development of Micro, Small and Medium Enterprises (MSMEs), has entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to develop the MSME ecosystem in the State.

The MoU was signed by Industries Director JVN Subramanyam and SIDBI general manager and regional head Sanjay Jain in the presence of State Industries Minister Mekapati Gautham Reddy. As part of the MoU, a Project Management Unit (PMU) will be deployed by SIDBI with the Government of Andhra Pradesh. The role of the PMU will be to design schemes / programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs, supporting MSME entrepreneurs and facilitate other need-based interventions based on evaluation of the existing status of MSMEs.

The PMU will study the existing framework of schemes, interventions, initiatives, projects etc. which are currently available for the benefit of / targeted towards MSMEs in the State and shall suggest modifications, if any, with the objective of enhancing efficacy and removal of bottlenecks. On this occasion, SIDBI Deputy Managing Director of V Satya Venkata Rao, 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 Atma Nirbhar Bharat.

The setting up of PMUs in 10 States so far is targeted at placing expert outsourced teams for more focused engagement in various forms leading to a stronger MSME ecosystem. Imbibing good practices, rejuvenating existing programs and policies, and enabling a more responsive ecosystem shall be the target of our joining of hands,” he added

The PMU will also prepare the process for handholding MSMEs in the State for their boarding onto digital platforms such as PSB Loans In 59 Minutes, Stock Exchange listing, e-commerce platforms such as Government eMarketplace etc. Along with that, the PMU will also engage in mapping repositories of good practices and guidelines both within and outside the State and facilitate the adoption of good practices. It will create a framework for evaluating the impact of interventions being made for the benefit of MSMEs and shall also provide inputs for policy advocacy.

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