SIDBI joins hands with Meghalaya govt for development of MSME ecosystem

Small Industries Development Bank of India (SIDBI) 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.

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The MoU was exchanged by commissioner & secretary, finance department, Government of Meghalaya and CEO MiDFC, Vijay Kumar D and deputy managing director at SIDBI, V Satya Venkata Rao.

Under the MoU, SIDBI and Meghalaya government shall work closely to facilitate development of MSME ecosystem in the state. MoU’s few broad objectives include development of MSME clusters, capacity building of NGOs/development organisations/MSMEs, support and showcase replicable livelihood projects aligned to the priority identified by state.

Also, the MoU will facilitate 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 and building capacity of MSMEs using online platforms PSB 59, Mitra portals, GeMS, TReDS etc.

On this occasion, V Satya Venkata Rao, DMD at SIDBI said that SIDBI is actively undertaking number of developmental activities for the benefit of the artisans and MSMEs of state for enterprises promotion, livelihood and skill development.

Rao indicated that SIDBI is supporting setting up a Swavalamban Alternate Livelihood Unit for The EAST (SALUTE) at Ramakrishna Mission Ashram, Sohra to run vocational courses on weaving, tailoring, fashion designing, knitting, embroidery, product development etc. to provide alternate livelihood opportunities to the drop out students, women and tribals from the Northeast states. The priority target segments shall be school dropouts, skilled but unemployed, unemployed needing skills, migrants during COVID-19, unserved/underserved segments etc.

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Rao also requested the state government to use the low-cost finance available for development of the MSME infrastructure in state under SIDBI Cluster Development Fund.

On this occasion, Vijay Kumar, secretary to the Government of Meghalaya and CEO, MiDFC said that this MoU shall help in the state in supporting the efforts of the state for development of MSME ecosystem.

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