In order to address the challenges faced by micro, small and medium enterprises (MSMEs) amid COVID-19 and for their revival, a pact has been signed between Global Alliance for Mass Entrepreneurship (GAME) and the Small Industries Development Bank of India (SIDBI).
- As per the agreement, at least 25% of the beneficiaries from the partnership would be women entrepreneurs.
Focus areas for partnership:
i.Scaling up Udyam Registration as a unique ID for a MSME to access schemes
ii.Use of SIDBI financial schemes for formalization of enterprises
iii.Enhancing credit access to micro-enterprises
i.The broad themes covered under the partnership include building competitive clusters, and improving the legal framework for ease of doing business,
ii.The partnership will also support pilot projects related to financing innovations for micro and small enterprises.
iii.Both entities will also create online and offline campaigns related to Mission Swavalamban and Mass Entrepreneurship developmental projects of SIDBI.
Points to be noted:
i.SIDBI promote some of India’s largest MSME-focused platforms and schemes such as CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) and TReDS (RXIL) i.e. Trade Receivables Discounting System- Receivables Exchange of India Ltd (RXIL).
ii.GAME, a non-profit entity operating as a project under Junior Achievement India Services (JAIS)aims to create an environment for Mass Entrepreneurship (ME) in India for large-scale job creation.
Recent Related News:
On 2nd March 2021, the National Stock Exchange of India Limited (NSE India) signed a Memorandum of Understanding(MoU) with the Small Industries Development Bank of India (SIDBI) for the cooperation in the various Micro, Small and Medium Enterprises (MSMEs) initiatives of NSE and SIDBI and to explore the feasibility of debt Capital Platform for the MSMEs.
About Small Industries Development Bank of India (SIDBI).
Establishment– April 1990
Operated by– Department of Financial Services,, Ministry of Finance.
Chairman & Managing Director (CMD)– Sivasubramanian Ramann
Headquarter– Lucknow, Uttar Pradesh
About Global Alliance for Mass Entrepreneurship (GAME):
Founders– Ravi Venkatesan, Madan Padaki and Mekin Maheshwari
Headquarter– Bengaluru, Karnataka