SIDBI rolls out various development measures for MSMEs

Small Industries Development Bank of India (SIDBI) on Friday said it has rolled out various developmental measures for MSMEs on World MSME Day on June 27, 2021.

Under its project SAHAS, SIDBI has soft-launched “Swavalamban Chair for MSME Solutions,” at Government Engineering College, Thrissur, supported by Swavalamaban Resource Facility, set up in partnership with Foreign, Commonwealth, and Development Office, UK.

The initiative will bring product/process solutions to enterprises in the region, support youth under the mentorship of professors to map the local pain points, shape their solutions/ideas, test, validate, and launch their entrepreneurial ventures. The chair shall also foster inter-college learnings. 

Speaking on the development, Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI, said, 

“Our role is to empower entrepreneurs and encourage entrepreneurship during these challenging times. Keeping this in mind, through the various initiatives, we are planning to support the enterprise development cycle comprising ideation, setting up, revive, and thrive as also stepping up.”

He added, "On one hand, we are working towards identifying more livelihood entrepreneurs, and on the other hand, we are taking steps to build their capacity for emerging stronger. With these measures fructifying, we hope to create a society with more job creators rather than job seekers."

SIDBI has also provided support to the Chamber of Indian Micro, Small and Medium Enterprises (CIMSME) for setting up ‘Swavalamban Suvidha Kendra,’ which will address information asymmetry challenges and render responsive solutions to inquisitive youth, serve anxious enterprises facing COVID-19 challenges, assist in Udyam registration, and enable MSEs to go for digital solutions like Udyamimitra portal, Standupmitra portal, PSB Loans in 59 minutes, etc.  

The institution also felicitated COVID-19 responsive MSEs and associations by sponsoring over two lakh meals on their behalf through Akshay Patra Foundation for COVID-19 impacted population.

In fact, under its Mission 10,000 Swavalambis initiative, SIDBI documented their stories, which are aimed at shaping the dreams of aspirational Bharat and help them walk the job creator journey. 

SIDBI has also entered into an MoU with the Global Alliance for Mass Entrepreneurship (GAME) to help MSMEs address their challenges faced during the CCOVID-19 crisis. The broad themes covered under the MoU include expanding credit access, increasing formalisation, building competitive clusters, and improving the legal framework for ease of doing business.

Addressing a virtual seminar organised by ASSOCHAM, S Ramann said the institution is closely monitoring development in upcoming sectors like pharma and defence and is developing attractive products for them. He urged MSMEs to take advantage of its various schemes, including cluster development programmes.