Odisha receives Rs 837 crore from SIDBI for establishment of MSME clusters
On Sunday, the Small Industries Development Bank of India (SIDBI) announced that it has partnered with the Odisha government to grant Rs 837 crore for MSME infrastructure development in the state. The lender said in a statement issued here that it has sanctioned a support of Rs 837 crore to the Odisha government under its SIDBI Cluster Development Fund Scheme (SCDF) for the development of 18 MSME infrastructure projects to be implemented by Odisha Industrial Infrastructure Development Corporation (IDCO). The initiatives comprise the creation of five new MSME parks, the construction of 11 worker dormitories, and two infrastructure support projects for MSMEs.
The SIDBI has provided state governments with fairly priced loan assistance under its SCDF plan for the upgrade of different existing MSME clusters as well as the building of new industrial infrastructure in the state.
“The thrust shall be laid on clusters in sectors/sub-sectors, which can directly benefit the MSMEs in the state and to bring them to a level ‘next,’ wherein they emerge vibrant by moving higher on the value chain and becoming sustainable,” Sivasubramanian Ramann, IA&AS, CMD SIDBI said.
He noted that the SIDBI will supplement its offers in the state with its bespoke direct lending products, which will be channelled through supported clusters, establishing an example for other banks to follow.
“SIDBI shall also examine supporting the soft infrastructure issues in select clusters relating to technology, skilling/upskilling, energy efficiency, market and credit connect, on need basis,” said Ramann.
