SIDBI profiles MSME ecosystem of 16 states to share best practices for small business growth | The Financial Express

SIDBI profiles MSME ecosystem of 16 states to share best practices for small business growth

Ease of Doing Business for MSMEs: SIDBI said the state profiles, which are launched for the first time, are to be provided to state governments for them to take advantage of the information and spread the best practices followed for the benefit of MSMEs.

SIDBI profiles MSME ecosystem of 16 states to share best practices for small business growth
SIDBI CMD Sivasubramanian Ramann said the objective of the MSME State Profile is to understand the existing practices and initiatives about the MSME ecosystem in the states across India.

Ease of Doing Business for MSMEs: Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of MSMEs, has brought out profiles of 16 states with respect to their enterprise/industrial policies and good practices adopted to promote MSMEs through Project Management Units (PMUs) set up by the bank. The units design programmes for small businesses related to equity support, resolution for stressed units, and interest subvention and suggest changes to state governments with respect to their schemes and projects, if required, to remove barriers to MSMEs’ growth.

According to a statement issued on Wednesday, the 16 states included Andhra Pradesh, Assam, Delhi, Gujarat, Haryana, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, Uttarakhand, Uttar Pradesh, Telangana, Jammu and Kashmir, West Bengal, Odisha and Bihar. 

SIDBI said the state profiles, which are launched for the first time, are to be provided to state governments for them to take advantage of the information and spread the best practices followed for the benefit of MSMEs.

Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises 

Commenting on the initiative, SIDBI CMD Sivasubramanian Ramann said the objective of the MSME State Profile is to understand the existing practices and initiatives about the MSME ecosystem in the states across India. The reports contain a brief industry profile of the state, cluster development initiatives, supporting agencies, state-promoted schemes, policies, and partnerships with the government of India in twinning various schemes, he added.  

The report also captured the best practices that are being implemented in the other states and suggested measures to create a more conducive environment to develop start-up entrepreneurs and strengthen existing MSMEs, Ramann noted. 

Among the support offered for MSME development, SIDBI Cluster Development Fund offers concessional loan support to state governments for the development of infrastructure in clusters. In fact, in some states, SIDBI has also extended soft infrastructure support in a few clusters. The soft infrastructure support relates to technology, skilling/upskilling, energy efficiency, market, and credit.

Also read: Flipkart: 220% growth in new seller count this year

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.