SIDBI joins hands with Meghalaya for the Development of MSME Ecosystem in the State
Small Industries Development Bank of India (SIDBI), the country’s principal financial institution for Micro, Small, and Medium Enterprises MSME, has entered into a Memorandum of Understanding (MoU) with Meghalaya Infrastructure Development and Finance Corporation Ltd. [MiDFC], Government of Meghalaya to develop the MSME ecosystem in the State.
The MoU was exchanged by Dr. Vijay Kumar D, IAS, Commissioner & Secretary, Finance Department, Government of Meghalaya and Chief Executive Officer [CEO], MiDFC, and Sh. V. Satya Venkata Rao, Deputy Managing Director, SIDBI.
Under the MoU, SIDBI and the Government of Meghalaya shall work closely to facilitate the development of the MSME ecosystem in the State. MoU’s few broad objectives include the following:
- Entrepreneurship Development in the State
- Development of MSME clusters
- Capacity building of NGOs/ development organizations/ MSMEs
- Support and showcase replicable livelihood projects aligned to the priority identified by State.
- Expanding the digital offerings for MSMEs in the state
- Mapping State-specific livelihood opportunities through expert consultants
- Extension of Promotion and Developmental initiatives of SIDBI in the State.
- Building capacity of MSMEs using online platforms PSB 59, Mitra portals, GeMS, TReDS, etc.
- Initiating business information and Counselling Centres for micro-enterprises
- Capacity building of the State Agencies working for the development of the MSMEs in the State; etc.
On this occasion, Sh. V. Satya Venkata Rao, DMD, SIDBI said that SIDBI is actively undertaking a number of developmental activities for the benefit of the artisans and MSMEs of the State for enterprise promotion, livelihood, and skill development.
Sh. Rao indicated that SIDBI is supporting setting up a Swavalamban Alternate Livelihood Unit for The EAST (SALUTE) at Ramakrishna Mission Ashram [RKMS], Sohra [Meghalaya] to run vocational courses on weaving, tailoring, fashion designing, knitting, embroidery, product development, etc. to provide alternate livelihood opportunities to the dropout students, women, and tribals from the North-Eastern States.
The priority target segments shall be school dropouts, skilled but unemployed, unemployed needing skills, migrants during covid, unserved/underserved segments, etc.
Sh. Rao also requested the State Government to use the low-cost finance available for the development of the MSME infrastructure in the State under the SIDBI Cluster Development Fund [SCDF].
On this occasion, Dr. Vijay Kumar, Secretary to the Government of Meghalaya and CEO, MiDFC said that this MoU shall help the State in supporting the efforts of the State for the development of the MSME Ecosystem.