SIDBI launches cluster development focused initiatives for MSMEs

SIDBI has been engaging in promotion, financing and development of MSMEs.

Small Industries Development Bank of India (SIDBI) recently launched various micro, small and medium enterprises (MSMEs) cluster development focused initiatives.

These schemes will focus on support for technology upgradation, modernisation, skilling/re-skilling/up-skilling and market linkages.

The scheme covers 600 MSME clusters and supports entire value chain.

SIDBI said, some of the unique engagements in clusters include EU Switch Asia in 18 clusters of 9 states, cluster outreach programmes followed by setting up of Project Management Unit (PMU) in 11 states with thrust on clusters and state cooperation, State Rural Livelihood Missions (SRLM), Artisanal Cluster and Engagement in One District One Product (ODOP) districts of Uttar Pradesh.

SIDBI is looking to undertake diagnostics of 100 clusters and plan engagement in 15 clusters. SIDBI Chairman and MD, S Ramann said, the financial institution has identified a multi-pronged strategy to impact local, regional, national and global value chain through MSE clusters.

He added, “In line with cluster experts we have initiated the mapping exercise of 100 clusters such that the implementation by SIDBI and other institutions can lead to sustainable growth of clusters.”