SIDBI joins hands with Government of West Bengal

for the Development of MSME Ecosystem in the State

Kolkata, 24^th December: Small Industries Development Bank of India (SIDBI), the country’s principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME), has entered into a Memorandum of Understanding (MoU) with the Government of West Bengal (GoWB) to develop the MSME ecosystem in the State. The MoU was exchanged by Shri Sudatta Mandal, Deputy Managing Director, SIDBI and Shri Rajesh Pandey, Principal Secretary, MSME & Textile, Government of West Bengal in the presence of Dr. Hari Krishna Dwivedi, Chief Secretary, Government of West Bengal.

Under the MoU, a Project Management Unit (PMU) will be deployed by SIDBI with GoWB. The PMU will support the GoWB in making necessary interventions for focused engagement of SIDBI with the State of West Bengal with the objective of facilitating development of the MSME ecosystem.

On this occasion, Shri Sudatta Mandal, Deputy Managing Director, SIDBI said, “We are working towards strengthening the MSME eco system in the States. SIDBI would be placing an expert agency with the State MSME Department.”

Dr. Hari Krishna Dwivedi, Chief Secretary, Government of West Bengal stated that this MoU would be beneficial to the MSMEs in the State of West Bengal and is looking forward to work with SIDBI for MSME clusters and infrastructure development in the State.

Shri Rajesh Pandey, Principal Secretary to the Government of West Bengal said that “This MoU would help in supporting the efforts of the State for development of the MSME Ecosystem.”

Shri Manoj Pant, Principal Secretary, Finance, Shri Meghnad De, Special Secretary, MSME & Textile Department, Shri U Swaroop, Director, MSME, Shri Nikhil Nirmal, MD, WBSIDCL, were also present during the MoU signing.

The key functions of the PMU shall include the following:

1. Study of existing framework and guide stakeholders for cluster / sector specific products / interventions for MSMEs.
2. Handholding MSMEs for onboarding on digital platforms for funding, marketing and listing.
3. Evaluating scope of infrastructure projects for MSME Clusters.
4. Facilitating MSMEs in getting collateral free loans from banks, incentives from Central / State Governments.
5. Co-ordinating with SIDBI, State Government and other Agencies for roll out of various schemes for MSMEs and infrastructure development.
6. Designing / developing need-based schemes / products / interventions for MSMEs.
7. Providing technical / consultative support to State Government for initiatives for MSMEs.
8. Providing support in organizing / supervising programmes / events planned by SIDBI in the state.
9. Facilitating in implementation of SIDBI Cluster Development Fund (SCDF) scheme in the state.
10. Mapping of repository of market best practices and help in adoption of these practices.
11. Policy Advocacy for MSMEs, etc.