State inks MoU with SIDBI to set up PMU in MSME sector

KOLKATA: With the aim to make Bengal number one in industry and commerce, Mamata Banerjee government has entered into a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to develop a Project Management Unit (PMU) for the Micro, Small and Medium Enterprises (MSME) sector.

With the state government entering into the MoU, an indicative amount of Rs 454 crore will be provided by SIDBI as concessional loan for this financial year.

SIDBI is the country's principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSME) and the PMU would support in achieving the objective of facilitating development of the MSME ecosystem.

The exchange of MoU took place between Principal Secretary of the MSME and Textile department Rajesh Pandey and Deputy Managing Director of SIDBI Suddata Mondal. Chief Secretary HK Dwivedi and Finance Secretary Manoj Pant were also present during the exchange of MoU.

According to a senior officer of the state government, the MoU was signed for setting up a PMU in MSME department by SIDBI. It is to assist in projects for cluster and infrastructure development for the MSME sector.

This comes when the state government is going to organise the Bengal Global Business Summit (BGBS) on April 20 and 21.

In a bid to address the issues, the state government is also holding synergies across the state where entrepreneurs from the MSME sector from every district are attending and it is also leading to generation of employment as investment proposals are also flowing in.

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