Current Affairs PDF

SIDBI Signs MoU with TamilNadu Govt to Develop MSMEs in the State

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

SIDBI inks MoU with Tamil Nadu govt to develop MSMEs

On November 25, 2020 Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with TamilNadu(TN) government to develop the MSMEs(Micro, Small and Medium Enterprises) ecosystem in the state. Under the MoU, a Project Management Unit (PMU) will be set up by SIDBI in TamilNadu.

SIDBI Signs MoU with TN Govt

Anu George, IAS(Indian Administrative Service), Tamil Nadu Industries Commissioner and Director of Industries and Commerce, and Chitra Kartik Alai, Regional Head, SIDBI, signed the MoU.

MoU was signed in presence of  Edappadi K. Palaniswami, Chief Minister(CM) of TamilNadu, P Benjamin, Minister for School Education and Sports and Youth Welfare and among others.

SIDBI Signs MoU with Uttarakhand Government

SIDBI had also signed MoU with the Uttarakhand Government to develop MSMEs in the state on November 24, 2020.The MoU was signed in the presence of Trivendra Singh Rawat, Chief Minister of Uttrakhand, Manoj Mittal, Deputy Managing Director, SIDBI and other dignitaries.

Role of PMU:

i.The role of the PMU is to design training and capacity development programs, that will be undertaken by the TN govt in areas like,

  • Technology transfer, promotion of innovation, intellectual property rights, Research & Development(R&D).
  • Leveraging technology / technology solutions to enhance business capabilities and collaborations between MSMEs & technology driven businesses / startups.

ii.With the objective to enhance the efficacy and remove obstacles, PMU facilitates interventions, initiatives, projects etc,  for MSMEs in the state.

Benefits of PMU:

PMU is likely to bring deep engagement in financial and non-financial sectors in TamilNadu.

Key Info:

i.In accordance with the recommendations of the UK Sinha Committee, SIDBI has adopted a programmatic approach to encourage close cooperation with the state government.

ii.Setting up a PMU with an expert panel aims to bring a focused engagement in a variety of forms, that leads to a strong  Atmanirbhar state and country.

iii.In order to support the  infrastructural aspects of cluster development in states, SIDBI is building a cluster development fund.

5 Other MoUs Signed

In regard to development MSMEs, SIDBI has signed MoU with 5 states and plans to sign 4 more shortly.The 5 states include, Gujarat, Maharashtra, Rajasthan, Uttar Pradesh, Haryana.

Recent Related News:

On 19th October 2020, BSE (formerly known as Bombay Stock Exchange) signed a Memorandum of Understanding with the Industries and Commerce Department, Government of Telangana along with GlobalLinker to support micro, small and medium enterprises (MSMEs) of the state to raise equity funds.

About Small Industries Development Bank of India (SIDBI):

Set up– 2nd April 1990 under an Act of Indian Parliament
HeadOffice– Lucknow, Uttar Pradesh
Deputy MD– Manoj Mittal,  V Satya Venkata Rao

About TamilNadu(TN):

Stadium– M A Chidambaram Stadium, Nehru Stadium(Marina Arena), MGR Race Course Stadium, Mayor Radhakrishnan Stadium
Festivals-Pongal, Thiruvaiyaru Festival, Thaipusam, Tamil New Year, Chithirai Thiruvizha, Karthigai Deepam