Rajasthan Partners with SIDBI to develop MSMEs
Industries Minister Parsadi Lal Meena said that Rajasthan’s Department of Industries and Sidbi partnered on September 12. 2020 to provide financial, technical, marketing and export support to Micro, Small and Medium Enterprises (MSMEs) in the state.
Highlights
- The Small Industries Development Bank of India (Sidbi) has signed a memorandum of understanding (MoU) with Rajasthan Government.
- It will develop to develop the MSME ecosystem in the state.
- For this purpose, MSME Act has been amended to promote industries
- The move will exempt MSME businesses from all kinds of permissions and inspections for three years.
- Also, establishing large industries will become easy with the coming of a single window one-stop shop.
This MoU was signed by Commissioner Archana Singh on behalf of the Department of Industries and General Manager Balbir Singh on behalf of SIDBI.
Small industrial Development Bank of India (SIDBI)
It is a development financial institution in India. It has been headquartered at Lucknow and having its offices all across the country. It was established on April 2, 1990, by an Act of Parliament. Its main objective is to provide refinance facilities and short-term lending to industries. SIDBI serves as the principal financial institution in the MSME sector. It coordinates with the functions of other institutions that are engaged in similar activities. Department of Financial Services, Government of India is the nodal department that guides the SIDBI.
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Month: Current Affairs - September, 2020