Punjab & Region

Punjab Govt inks MoU with Small Industries Development Bank of India

Chandigarh, June 13
Small Industries Development Bank of India (SIDBI) is the primary Financial Institution for promoting, developing and financing Micro, Small and Medium Enterprise (MSME) sector and is the apex regulatory body for overall licensing and regulation of MSME finance companies in India. For the development of MSME ecosystem in the State and to foster entrepreneurship culture, Government of Punjab signed a Memorandum of Understanding (MoU) with SIDBI for three years to launch an umbrella program ‘Mission Swavalamban’, as part of which, SIDBI would set-up Project Management Unit (PMU) in the State. Giving details of the program, Dilip Kumar, Principal Secretary Industries & Commerce, Punjab told that the PMU shall work in close coordination with the State Government and SIDBI for meeting identified objectives under the program and suggest modifications in the existing framework of schemes/ interventions/ initiatives/ projects, etc. to enhance efficacy and removal of bottlenecks. It will handhold MSME units in the State for their onboarding into digital platforms and work closely with the Government to design/develop need-based schemes/products/interventions for MSMEs and provide technical/consultative support to the State Government for initiatives planned for MSMEs. Moreover, it will also guide banks and other Financial Institutions in the launching of innovative clusters and sector-specific financial products tailored to the requirements of the local industry thereby enhancing MSMEs access to finance. This MoU will mark the beginning of a new era for the promotion of micro-enterprises in rural/unserved areas.