SIDBI to partner with State Government in setting up innovation fund to promote start-up projects in Assam
GUWAHATI: Chief Minister Himanta Biswa Sarma on Tuesday attended a meeting with Small Industries Development Bank of India (SIDBI) at the Assam Administrative Staff College which witnessed handing over a commitment letter by SIDBI to the Government of Assam of Rs. 350 crore under Cluster Development Fund.
CMD SIDBI Sivasubramanian Ramann handed over the commitment letter to Principal Secretary to Industries and Commerce and Public Enterprises, KK Dwivedi in presence of the Chief Minister. The meeting which followed thereafter between Government of Assam and SIDBI took several decisions of far-reaching importance.
Chief Minister Sarma, while presenting his views in the meeting, said that under the present venture efforts should be taken to create clusters to promote one district one product initiative, which is also the vision of the Prime Minister. Under this fund critical gap in infrastructure and logistics will be plugged to promote identified products in each district for export. He also said that though SIDBI has been associated with the State for a long time, its expansion and footprint were limited. He also said that with the law-and-order situation in the State improving, the State has presented a conducive environment for more collaborative approach with the SIDBI in promoting, financing and developing MSME sector in the State.
Chief Minister Sarma also requested SIDBI for its support in earmarking a start-up fund to promote the culture of innovation and support start-up ventures in the State. He also requested SIDBI to help the self-help groups in Assam to promote and evolve SHG culture for self-empowerment.
To the Chief Minister's request, SIDBI has agreed to partner with State Government in setting up aninnovation fund to promote start-ups in Assam. SDIBI has also agreed to this proposed fund and use its venture capital subsidiary to manage the fund. SIDBI has also agreed to support and promote SHGs in the State to enterprise level and bring them in formal sector of economy.
Agriculture Minister Atul Bora, Health and Family Welfare Minister Keshab Mahanta, CMD NEDFi, PVSLN Murty, and other dignitaries were present during the meeting.
Also watch: