Andhra Pradesh

A leg-up for MSME sector in State

The Government of Andhra Pradesh and the Small Industries Development Bank of India (SIDBI) have entered into an agreement for the establishment of a Project Management Unit (PMU) to cater to the Micro, Small and Medium Enterprises (MSME) sector in the State.

An MoU for it was signed by J.V.N. Subramanyam, Director of Industries, Commerce and Export Promotion, and Sanjay Jain, SIDBI General Manager and Regional Head (Hyderabad), in the presence of Ministers Mekapati Goutham Reddy (industries and commerce) and Botcha Satyanarayana (municipal administration), and APIIC Managing Director K. Raveen Kumar Reddy.

According to an official release, the PMU will design schemes / programmes in the areas of equity support, interest subvention and resolution of stressed MSMEs, support MSME entrepreneurs and facilitate other need-based interventions.

Speaking on the occasion, Mr. Goutham Reddy reiterated the government’s commitment to the development of the MSMEs, and expressed happiness over the collaboration with the SIDBI.

Mr. Sanjay Jain said SIDBI had appointed an expert agency for setting up PMUs in 11 States – Assam, New Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu – on a pilot basis.

SIDBI intends to cooperate closely with the State governments for strengthening the MSME ecosystem with thrust on micro and small enterprises.

The proposed development initiatives were aligned with the vision of RBI-appointed U.K. Sinha Committee on MSMEs, he noted.

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Printable version | Apr 22, 2021 5:55:01 PM | https://www.thehindu.com/news/national/andhra-pradesh/a-leg-up-for-msme-sector-in-state/article33936347.ece

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