SIDBI Will Play An Active Role in Strengthening MSME Sector

“SIDBI will play a more engaging and active role to strengthen  the MSME sector in the country” said Mr.  Pramod Kumar Vijayvargia, General Manager, SIDBI, Regional Office, Hyderabad. He was speaking at FTCCI organized Orientation Program on MSME Eco-System Development in the State – SIDBI PMU in Hyderabad today.

“As part of UK Sinha led Committee many recommendations wrt MSMEs problems, one was to expand the role of SIDBI in strengthening the sector. Based on this recommendation SIDBI, along with state governments, started setting up a Project Management Unit (PMU) for each state and Grant Thornton is the PMU for Telangana. As on today SIDBI has set up PMUs in 20 states. These PMUs among others will help sanction and facilitate Industrial Infrastructure projects in the state supported by Government of India; evolve state level MSME policies and investor facilitation cell; contribute in state level credit guarantee funds; help evolve cluster based financial instruments' ' Mr Pramod Kumar added.

Welcoming the gathering  Mr. Srinivas Garimella, Chair IDC committee FTCCI said “  Lack of awareness of schemes is hindering the progress of MSME sector in our country, and if the country has to become a $ 5 trillion economy, MSME must register a double-digit growth and its share in GDP to 50%.  The MSME sector suffered a lot due to a range of disruptions caused by the demonetisation decision in 2016, followed by hasty implementation of the GST in 2017. There were a series of debt defaults that triggered a liquidity crunch for MSMEs from banks. We are all aware of the contribution of the MSME sector to GDP, employment, exports, and how important the development of the MSME sector is for sustainable and inclusive growth. But, unfortunately, the MSME sector is receiving a raw deal from the government – be it state or union government.  I am sure  The speakers from SIDBI and Grant Thornton will explain what is the role of PMU today this session which will clear most of the doubts and encourage all stakeholders to take initiatives in developing MSME EcoSystem in the state of Telangana  “”  

Mr. Krishna Bhaskar, IAS, Commissioner of Industries , Government of Telangana said “  We are happy that this program is organized in the states which will help debate and find solutions for the MSME sector in the state. Telangana has the  proud legacy to help small investors and startups and the present Government is giving a  lot of support . There is a need to encourage as much diversity as possible in MSME setting ”

Also Read: KTR Pitches Telangana to Foxconn