SIDBI to partner with Assam govt in setting up innovation fund to promote start-up projects

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HT Bureau


GUWAHATI, Sept 14: Assam chief minister Himanta Biswa Sarma on Tuesday attended a meeting with Small Industries Development Bank of India (SIDBI) at 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.

It may be noted that 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 the government of Assam and SIDBI took several decisions of far-reaching importance.

CM 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 a 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 having improved with no insurgency problem, the state has presented a conducive environment for a more collaborative approach with the SIDBI in promoting, financing and developing the 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 the state government in setting up an innovation fund to promote start-ups in Assam. SDIBI has also agreed to this proposed fund and uses 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 into the formal sector of economy.

Chief minister Himanta Biswa Sarma also expressed his hope that SIDBI would emerge more and more in Assam as the state government policies are very friendly for its increasing role in the state. He however, said that all these development initiatives have been taken up with SIDBI to enable all sections of the people to enjoy the fruits of development.

In the meeting CMD SIDBI Sivasubramanian Ramann gave a presentation highlighting the expertise and services of the SIDBI which can bring about a paradigm shift in the development narrative of the state.

Principal secretary Industries and Commerce KK Dwivedi also gave a presentation detailing the existing landscape of MSME sector in Assam and scope of SIDBI to align with the state government to bolster the development of the state.

Agriculture minister Atul Bora, health and family welfare minister Keshab Mahanta, CMD NEDFi PVSLN Murty, principal secretary to the chief minister Samir Kumar Sinha, representatives of industry associations and other senior officers of industry and commerce and other departments were present during the meeting. 

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