Assam chief minister Himanta Biswa Sarma on September 19 acknowledged the role of the micro, small and medium enterprises (MSMEs) and said that they can play a big role in making the state self-dependent or aatmanirbhar.
The chief minister’s remark came during the launch of Assam Logistics and Ware Housing Policy 2022 at an MSME conclave held in Guwahati.
“As per state government’s vision to transform Assam as an aatmanirbhar state, the MSMEs have a very important role to play. The MSMEs must nurture themselves to emerge as big industries and inspire the new generation towards entrepreneurship. In other words, in making the youth from job seekers to job creators, the MSMEs must set an example for the new generation to follow,” chief minister Himanta Biswa Sarma said.
The new policy is an initiative in making Assam a regional logistics hub to augment the economic development of the state.
In the same conclave, in presence of CM Sarma, the Government of Assam entered into an MoU with CGTMSE for ease of financial access for micro and small enterprises.
The Assam government signed another MoU with SIDBI Venture Capital for the Assam Startup Venture Fund.
The size of the SIDBI Venture Capital Fund is Rs 200 crore.
Of this, Rs 100 crore will be contributed by the Assam government, Rs 50 crore by SIDBI and the remaining Rs 50 crore will be by other contributors.
Sarma termed the day a “red letter day” for the industry sector of the state as the MoUs would lead to rapid industrialization and revamp of the MSME sector.
He said that the collaboration with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) aims at providing additional guarantee coverage for the loans given by lending institutions to the micro and small units in Assam.
He said that in the scheme 80 per cent of the guarantee coverage of the loan will be provided by CGTMSE and the balance 20 per cent coverage would come from state government.
Referring to SIDBI’s estimate, corpus support of Rs 100 crore will lead to a portfolio creation of Rs 5000 crore and the yearly fund requirement from the state government would be around Rs 22 crore to Rs 26 crore in the next three years.
The Assam chief minister also said that under another MoU signed with SIDBI, the SIDBI Venture Capital Fund (SVCL) intends to work as investment manager for the proposed Assam Startup Venture Capital Fund. SIDBI through its subsidiary, SVCL as the partner for the Assam Startup Venture Capital Fund, shall facilitate the development of a comprehensive plan in association with the state government for an organised development and growth of the startups including MSMEs in the state. SVCL shall establish Assam Startup Venture Fund with a total corpus of Rs 200 crore.
Sarma also appealed to the young entrepreneurs to boost their efforts to develop a robust MSME ecosystem in Assam.