SIDBI joins hands with AP government to develop MSME ecosystem


HYDERABAD: The Small Industries Development Bank of India (SIDBI), the financial institution engaged in the promotion, financing, and development of micro, small and medium enterprises (MSMEs), on Thursday announced that it has entered into a memorandum of understanding (MoU) with the Andhra Pradesh government to develop the MSME ecosystem in the state.
The MoU was signed by JVN Subramanyam, director of industries, commerce and export promotion, Andhra Pradesh and Sanjay Jain, general manager, regional head, SIDBI, Hyderabad, in the presence of AP industries minister Mekapati Goutham Reddy.
As part of the agreement, a project management unit (PMU) will be set up by SIDBI to design schemes and programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs and supporting MSME entrepreneurs, among others.
The PMU will also study existing framework of schemes, interventions, initiatives and projects that are currently available for the benefit of MSMEs and will suggest modifications.
Such PMUs are already in place in 10 states, carrying out analysis of existing industrial policies of these states to offer suggestions.


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