SIDBI Joins Hands With Government Of Uttar Pradeshfor The Development Of MSME Ecosystem In The State

Small Industries Development Bank of India (SIDBI), the country’s apex financial institution for Micro, Small and Medium Enterprises(MSME), has entereda Memorandum of Understanding (MoU) with the Government of Uttar Pradesh(GoUP) to develop the MSME ecosystem in the State. The MoU was exchanged by Shri Navneet Sehgal, IAS, Additional Chief Secretary (Department of MSME), GoUP and Shri Manoj Mittal, Deputy Managing Director, SIDBI in the presence of the Hon’ble Chief Minister of Uttar Pradesh Shri Yogi Adityanath.

Under the MoU, a Project Management Unit (PMU) will be deployed by SIDBI with GoUP.The PMU will support the GoUP 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 UPencompassing, 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 (OPOD) cell, cluster mapping for potential/emerging clusters. 

On this occasion, Shri Manoj Mittal, Deputy Managing Director of SIDBI said, “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.”