The Small Industries Development Bank of India (SIDBI) has tied up with the Government of Bihar to promote the micro, small and medium enterprises (MSME) sector in the state.
To this effect, two Memorandum of Understandings (MoU) have been signed between SIDBI and the Industries Department, Government of Bihar, and the Bihar Industrial Area Development Authority (BIADA) to develop the MSME ecosystem in the state.
Under the first MoU with Bihar’s industry department, project management units (PMUs) will be deployed by SIDBI with the state government, SIDBI said in a statement.
The PMU will support the state government in making necessary interventions for focused engagement of SIDBI with Bihar, with the objective of facilitating development of the MSME ecosystem.
It will support the state government in making necessary interventions for focused engagement of SIDBI to facilitate development of the MSME ecosystem in the state.
According to the second MoU, SIDBI will work in close coordination with BIADA to benefit MSMEs who want to set up any industrial unit on the land/ plot allotted by BIADA so as to promote industrialisation in the state, SIDBI said.
The MoUs were signed in the presence of Syed Shahnawaz Hussain, Minister of Industries, Bihar; Brijesh Mehrotra, additional chief secretary, Bihar; and Pradeep Kumar Jha, branch in-charge of SIDBI Patna.
The MoU with SIDBI will prove to be a game changer in the development of micro, small and medium enterprises in Bihar, especially when the land of BIADA will be recognised by SIDBI as collateral, as well as cheap and easy loans to MSMEs.
This will greatly accelerate the industrial development of Bihar, Hussain said in the statement.
Bihar is the 14th state of the country with which SIDBI has tied up and it will play an important role in strengthening the MSMEs of the state, Mehrotra said.
We are working towards strengthening the MSME ecosystem in the state. SIDBI will place an expert agency with the state industries department of Bihar, Sinha said.