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Gujarat Signs MoU with SIDBI to support MSMEs 

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Gujarat signs MoU with SIDBI to help MSMEs amid outbreak downturnOn 15th September 2020, The Government of Gujarat signed a Memorandum of Understanding(MoU) with the Small Industries Development Bank of India (SIDBI) to provide capacity building and market support around 35 lakh Micro Small Medium Enterprises (MSMEs) of Gujarat and to increase their self reliance.

MK Das, Additional Chief Secretary of Industries and Mines, government of Gujarat and Vasantharao Satya Venkata Rao, Deputy Managing Director of SIDBI signed the MoU at Gandhinagar in the presence of Vijay Rupani, Chief Minister of Gujarat.

Aim:

To increase the rate of technology transfer and innovation in the MSMEs of Gujarat through capacity building programmes and training.

Features:

i.Under this MoU, SIDBI will support the MSMEs to scale up their industries and effectively get out of the financial difficulties due to COVID-19 pandemic.

ii.SIDBI will help the MSME units to create digital platforms and keep up with the global trends.

Key Points:

i.Around Rs.1056268 lakh worth of loans for more than 211532 MSME units have been approved under the Centre’s Emergency Credit Line Guarantee Scheme (ECLGS).

Gujarat govt has announced a Rs.768 crore package to support the MSMEs affected due to COVID-19 pandemic.

Recent Related News:

i.On August 10, 2020, the Chief Minister of Gujarat, Vijay Rupani, launched Rs 1,800 crore scheme “Mukhya Mantri Kisan Sahay Yojana” by replacing “Pradhan Mantri Fasal Bima Yojana (PMFBY)”, for FY20-21 only, for the state’s 56 lakh farmers facing crop losses due to drought, excess rain or unseasonal rain.

ii.On 28th July 2020, The UK India Business Council (UKIBC) signed a memorandum of Understanding (MoU) over a virtual platform with the Industrial Extension Bureau (iNDEXTb), Industries and Mines Department, Government of Gujarat to speed up the business and industrial development process of Gujarat.

About Gujarat:
UNESCO sites– Champaner-Pavagadh Archaeological Park, Historic City of Ahmedabad, Rani-ki-Vav (the Queen’s Stepwell) at Patan, Gujarat
National Parks– Gir National Park, Blackbuck National Park, Vansda National Park, Marine National Park

About Small Industries Development Bank of India (SIDBI):
Managing Director– Mohammad Mustafa
Headquarters– Lucknow, Uttar Pradesh