SIDBI joins hands with Government of Bihar for the Development of MSME Ecosystem in the State

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New Delhi, February 18, 2022: Small Industries Development Bank of India (SIDBI), the country’s principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs), has entered into two Memorandum of Understanding (MoU) with the Industries Department, Government of Bihar (GoB) & Bihar Industrial Area Development Authority (BIADA) to develop the MSME ecosystem in the State. The first MoU was exchanged by Shri Manish Sinha, General Manager, SIDBI and Shri Pankaj Dixit, IAS Director (Technical Development), GoB. Second MoU was exchanged by Shri Manish Sinha, General Manager, SIDBI and Shri Bhogendra Lal, ED (H.Q.), BIADA. Both MoUs were signed in the presence of Shri Syed Shahnawaz Hussain, Minister of Industries, GoB, Shri Brijesh Mehrotra, I.A.S. Addl. Chief Secretary, GoB and Shri Pradeep Kumar Jha, Branch In Charge of SIDBI Patna.

Under the first MoU with Industry Department, GoB, Project Management Units (PMU) will be deployed by SIDBI with GoB. The PMU will support the GoB in making necessary interventions for focused engagement of SIDBI with the State of Bihar with the objective of facilitating development of the MSME ecosystem.

Under the second MoU, SIDBI shall be working in close coordination with BIADA to benefit MSMEs who want to set up any industrial unit on the land/plot allotted by BIADA so as to promote industrialization in the State of Bihar.

On this occasion, Shri Syed Shahnawaz Hussain, Minister of Industries, GoB  said that The MoU with SIDBI will prove to be a game changer in the development of Micro, Small and Medium enterprises in Bihar, especially when the land of BIADA will be recognized by SIDBI as collateral, as well as cheap and easy loans to MSMEs. This will greatly accelerate the industrial development of Bihar.

Shri Brijesh Mehrotra, I.A.S. Addl. Chief Secretary, Industries Department,GoB, said that the Small Industries Development Bank of India (SIDBI), the apex financial institution, has a major contribution in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) in the country and it is a matter of happiness. It is to be noted that SIDBI has signed two MoUs with the Government of Bihar. He said that Bihar is the 14th state of the country with which SIDBI has tied up and SIDBI will play an important role in strengthening the Micro, Small and Medium Enterprises (MSMEs) of the state.

On this occasion, Shri Manish Sinha, General Manager, SIDBI said “We are working towards strengthening the MSME ecosystem in the State. SIDBI would be placing an expert agency with the State Industries Department of Bihar”.