SIDBI joins hands with Telangana govt to develop MSME ecosystem

Hyderabad: 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 a Memorandum of Understanding (MoU) with the Government of Telangana to develop the MSME ecosystem in the State. The MoU was signed by D Krishna Bhaskar, director, […]

Hyderabad: 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 a Memorandum of Understanding (MoU) with the Government of Telangana to develop the MSME ecosystem in the State.

The MoU was signed by D Krishna Bhaskar, director, Industries, Industries and Commerce Department, Government of Telangana and VSV Rao, DMD, SIDBI.

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Under the agreement, a Project Management Unit (PMU) will be deployed by SIDBI with Government of Telangana.

The PMU will design programmes 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.

The PMU will study existing framework of schemes, interventions, initiatives, projects, which are currently available for the benefit of / targeted towards MSMEs in the State and will suggest modifications, with the objective of enhancing efficacy and removal of bottlenecks.

On this occasion, Vasantharao Satya Venkatarao, deputy managing director of SIDBI said, “We have already initiated the process of collaborating with State Governments for more focused engagement in various forms for the upliftment of MSMEs.”

Imbibing good practices, rejuvenating existing programmes and policies, and enabling more responsive ecosystem will be the goal of this collaboration, he added.

The PMU will also prepare the process for handholding MSMEs in the State for their onboarding onto digital platforms such as PSBLoansIn59Minutes, Stock Exchange listing, e-commerce platforms such as Government e-Marketplace etc.

It will also create a framework for evaluating impact of interventions being made for the benefit of MSMEs and shall also provide inputs for policy advocacy.

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