SIDBI joins hands with Government of West Bengal for the Development of MSME Ecosystem in the State

By India Education Diary Bureau Admin On Apr 23, 2022

Small Industries Development Bank of India (SIDBI), the country’s principal financial institution for Micro, Small and Medium Enterprises (MSME), has entered into a Memorandum of Understanding (MoU) with the West Bengal Small Industries Development Corporation Limited (WBSIDCL), Government of West Bengal, to develop the MSME ecosystem in the State. The MoU was exchanged by Shri Nikhil Nirmal, Managing Director of WBSIDCL, Government of West Bengal, and Shri Sudatta Mandal, Deputy Managing Director, SIDBI in the presence of Dr. Hari Krishna Dwivedi, Chief Secretary, Government of West Bengal, during the MSME sectoral session of Bengal Global Business Summit, held at Biswa Bangla Convention Centre, Kolkata on April 21, 2022.

The objective of this MoU is to enhance cooperation between the Govt. of West Bengal and SIDBI to further accelerate the development of MSMEs in West Bengal in a structured and planned manner and facilitate the MSME entrepreneurs with handholding support and financial assistance from SIDBI at a competitive price, for meeting their financial and developmental needs.

Under the MoU,

WBSIDCL shall provide a dedicated Desk to SIDBI for setting up an MSME Facilitation Desk, and SIDBI shall provide the required resources for the MSME Facilitation Desk.
After allotment of land to the eligible MSMEs, WBSIDCL shall forward a copy of the land allotment letter to SIDBI and SIDBI shall undertake assessment of the applications originated through the MSME Facilitation Desk / WBSIDCL / other State Agencies on fast-track basis.
SIDBI may make payment towards eligible cost of land for the support worthy projects directly to WBSIDCL, out of the loan sanctioned to the eligible MSME on merits.
WBSIDCL shall allow dissemination of the facilities available with SIDBI and shall share the relevant database / information related to MSMEs.
WBSIDCL shall designate a Nodal Officer for co-ordination with SIDBI and SIDBI shall prepare a Frequently Asked Questions [FAQs] for the MSMEs.

On this occasion, Dr. Hari Krishna Dwivedi, Chief Secretary, Government of West Bengal stated that this MoU would be beneficial to the MSMEs in the State of West Bengal, in terms of acceleration in setting up their units and getting institutional support in a faster way. On this occasion Shri Manoj Pant, Principal Secretary, Finance, Shri Rajesh Pandey, Principal Secretary, MSME & Textile Department, Shri U Swaroop, Joint Secretary, MSME, were also present along with other senior State Govt. officials and various delegates from national and foreign industry houses.