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SIDBI teams up with AP govt to support MSMEs

Our Bureau Hyderabad | Updated on February 25, 2021

Small Industries Development Bank of India (SIDBI) has entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to develop the MSME ecosystem in the State.

Under the agreement, a Project Management Unit (PMU) will be deployed by SIDBI to design schemes/programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs, and facilitate intervention based on evaluation of the existing status of MSMEs.

The PMU will study the existing framework of schemes currently available for MSMEs in the State and shall suggest modifications, if any, to enhance efficacy.

SIDBI has started with cluster outreach programmes with several States. “The setting up of PMUs in 10 States so far is targeted at placing an expert outsourced team to strengthen MSME ecosystem,” V Satya Venkata Rao, Deputy Managing Director of SIDBI said in a release.

The PMUs have already completed the compilation of Central and State specific schemes targeting MSME sector beneficiaries. The PMU is also carrying out analysis of existing industrial policies of these states to offer suggestions apart from other policy level suggestions and interventions, the release added.

Published on February 25, 2021

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