The Business Bytes
MUMBAI, APRIL 2, 2024 (TBB BUREAU): Small Industries Development Bank of India (SIDBI) today commemorated 34 years of fostering entrepreneurship, innovation, and economic growth in India. Established in 1990 under the SIDBI Act of 1989, SIDBI has been pivotal in transforming the landscape of MSME financing and development.
Over the years, SIDBI has implemented various initiatives aimed at providing financial assistance, capacity building, and technological support to MSMEs. These efforts have not only facilitated access to credit but have also enhanced the competitiveness and sustainability of MSMEs, contributing significantly to India’s socio-economic progress.
S Ramann, CMD, SIDBI, expressed gratitude for the institution’s stakeholders and reaffirmed SIDBI’s commitment to empowering MSMEs for India’s economic advancement. He announced increased resources for initiatives like PRAAYAS and the digital platform GST SAHAY.
Sudatta Mandal, DMD, celebrated SIDBI’s milestone of surpassing a balance sheet of Rs. 5.2 lakh crore, emphasizing streamlined credit delivery processes.
Looking ahead, SIDBI remains steadfast in its mission to contribute to building a robust and resilient Indian economy by supporting MSMEs.
