On 11th September 2020, The Government of Rajasthan signed a Memorandum of Understanding(MoU) with the Small Industries Development Bank of India (SIDBI) to develop its micro, small and medium enterprises (MSMEs) ecosystem.
Archana Singh on behalf of the Department of Industries and General Manager Balbir Singh on behalf of SIDBI signed the MoU.
Features:
i.This MoU will support the state government to have better understanding and provide better solutions for the problems of MSMEs.
ii.Under this MoU the Department of Industries of Rajasthan and SIDBI will work together to provide financial, technical, marketing and export support to the MSMEs in the state.
iii.This partnership with SIDBI will promote the state’s innovative cluster based thinking.
Key Points:
i.The MSME Act was amended to promote the industries and spare these businesses from all kinds of permissions and inspections for three years.
ii.The introduction of the single window one stop shop will ease the establishment of large industries.
ii.The MSMEs will provide increased employment opportunities and exports.
Recent Related News:
i.On 20th May 2020, The Government of Uttar Pradesh launched the ‘Uttar Pradesh Startup Fund’ to promote entrepreneurship among the youths of the state and Chief Minister Yogi Adityanath termed the MoU between the state and SIDBI.
ii.SIDBI in association with TransUnion CIBIL Limited has launched a comprehensive financial education and one-stop knowledge platform for MSMEs – “MSMESaksham”, which will guide MSMEs seeking quick access to finance and will also support them in managing their credit obligations.
About SIDBI:
Managing Director– Mohammad Mustafa
Headquarters– Lucknow, Uttar Pradesh
About Rajasthan:
Chief Minister-Ashok Gehlot (12th CM of Rajasthan)
Governor– Kalraj Mishra
Capital– Jaipur
