GeM inks MoU with SIDBI for MSMEs
Government portal for public procurement GeM (Government e-marketplace) has inked MoU with Small Industries Development Bank of India (SIDBI) to boost MSME ecommerce sales. The MoU aims to enable promotion of special initiatives of GeM, such as Womaniya and Start-up Runway, with SIDBI stakeholders. It also seeks to promote MSMEs, women entrepreneurs, and Self Help Groups (SHGs).
Features of MoU
Under it, GeM and SIDBI will take steps to ensure timely payments to sellers, and enhance working capital availability through bill discounting. It will also help to promote MSMEs, start-ups, and artisans, who can now sell to government on an open, transparent and technology-driven platform. It will help to strengthen capacity building through GeM-specific training programmes of personnel from partner agencies.
Category: Economy & Banking Current Affairs