The Small Industries Development Bank of India (SIDBI) has signed a Memorandum of Understanding (MoU) with Meghalaya Infrastructure Development and Finance Corporation Limited (MIDFC) to develop the Micro, Small and Medium Enterprises (MSME) ecosystem in the State, according to a release issued bySIDBI on Friday.
The MoU was signed by Meghalaya Commissioner and Secretary, Finance Department Dr Vijay Kumar D, who is also MIDFC’s Chief Executive Officer (CEO), and SIDBI Deputy Managing Director V Satya Venkata Rao on Thursday.
According to the MoU, SIDBI and Meghalaya government will work closely to facilitate the development of MSME ecosystem in the state and some of the broad objectives include entrepreneurship development, MSME cluster development, capacity building of NGOs/ development organisations / MSMEs and support and showcase replicable livelihood projects aligned to the priority identified by the state.
The agreement also seeks to expanding the digital offerings for MSMEs, mapping state specific livelihood opportunities through expert consultants, extension of promotion and developmental initiatives of SIDBI in the state, initiating business information and Counselling Centres for micro enterprises and also capacity building of the state agencies working for development of the MSMEs in the state.
SIDBI is undertaking a number of developmental activities for the benefit of the artisans and MSMEs for enterprises promotion, livelihood and skill development, Rao said.
SIDBI is supporting setting up a Swavalamban Alternate Livelihood Unit for The EAST (SALUTE) at Ramakrishna Mission Ashram [RKMS], Sohra [Meghalaya] to run vocational courses on weaving, tailoring, fashion designing, knitting, embroidery, product development etc. to provide alternate livelihood opportunities to the drop out students, women and tribals from the North-Eastern States. The priority target segments shall be school dropouts, skilled but unemployed, unemployed needing skills, migrants during covid and unserved/underserved segments, he added.
Rao also requested the state Government to use the low-cost finance available for development of the MSME infrastructure in the state under SIDBI Cluster Development Fund (SCDF)
