SIDBI Sets Up Rs 1000 Crore ‘Make in India’ Fund for MSMEs

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Jun 2015
India, June, 22 2015 - Keeping in with the spirit of 'Make in India' drive of GOI, the Small Industries Development Bank of India SIDBI has set up a Rs 1000 crore 'Make in India' fund for MSMEs. "The objective is to make our MSMEs world class manufacturing hub. Under the fund, concessional finance will be provided to the identified MSME sectors", bank added.

Keeping in with the spirit of 'Make in India' drive of GOI, the Small Industries Development Bank of India SIDBI has set up a Rs 1000 crore 'Make in India' fund for MSMEs. "The objective is to make our MSMEs world class manufacturing hub. Under the fund, concessional finance will be provided to the identified MSME sectors", bank added.

SIDBI held its seventeenth AGM on June 22, 2015 at its head-office in Lucknow. Kshatrapati Shivaji, IAS, CMD, SIDBI pointed out that the bank has completed 25 years of services to the MSME sector in addressing various credit and developmental gaps in the MSME eco-system. "In last 25 years, SIDBI has provided financial assistance of Rs 3.90 lakh crore which benefitted 346 lakh people in the MSME sector", he said.

SIDBI plays an important role in microfinance sector of the country. So far, it has provided microcredit of Rs 9374 crore through MFIs. SIDBI has committed an amount of Rs162 crore equity support to 56 MFIs to strengthen their capital base for more credit to the microfinance sector. SIDBI's microfinance support has benefited around 332 lakh disadvantaged people, most of them being women, in terms of improved quality of life, improved social security, asset status and improvement in health and education parameters.

Besides being the apex DFI for financing, promotion and development of the MSME sector, SIDBI provides a number of developmental support like promoting youth entrepreneurship, free advisory services through MSME advisory centres covering about 100 clusters, capacity building of RRBs, co-operative banks, etc. to channelize more credit to micro units, skill development, rural industrialization, marketing linkages, etc. "These developmental support of SIDBI helped in setting up of more than 1 lakh units and skill development of more than 2 lakh people in the MSME sector", Shivaji said.

The bank shared that in order to promote energy efficiency in the MSME sector, it has signed an agreement with World Bank for "Partial Risk Sharing Facility for Energy Efficiency (PRSF) Projects" with a total outlay of USD 43 million, consisting of a Guarantee fund of USD 37 million and technical assistance of a total of USD 6 million. The objective of the project is to support the GoI's efforts to transform the energy efficiency (EE) market in India by promoting increased level of EE investments, particularly through energy service performance contracting (ESPC) delivered through Energy Service Companies (ESCOs).



Source : Times Of India
 

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