SIDBI’s 34 yrs of empowering entrepreneurs

Mumbai, Apr 03: Small Industries Development Bank of India (SIDBI) proudly commemorates 34 years of fostering entrepreneurship, innovation, and economic growth in India. Since its inception in 1990, SIDBI has been instrumental in transforming the landscape of MSME financing and development in the country.

Established under the SIDBI Act of 1989, SIDBI has continuously evolved to meet the dynamic needs of the MSME sector, playing a pivotal role in driving economic growth, generating employment opportunities, and fostering inclusive development across India.

Over the past three decades, SIDBI has successfully implemented various initiatives and schemes aimed at providing financial assistance, capacity building, and technological support to MSMEs. These initiatives have not only facilitated access to credit but have also enhanced the competitiveness and sustainability of MSMEs, thereby contributing significantly to the country's socio-economic progress. In celebrating 34 years of unwavering commitment, SIDBI acknowledges the invaluable support and collaboration of its stakeholders, including the Government of India, state governments, partner financial institutions, industry associations, and, most importantly, the MSME community.

To mark the occasion, a celebration was held on 2nd April 2024, marking the virtual assembly of SIDBI officials from pan India. During the event, S Ramann, CMD, SIDBI, expressed his gratitude, emphasizing the institution's dedication to fostering the growth of MSMEs as a crucial driver of India's economic prosperity. Mr. Ramann stated, "As we commemorate this significant milestone, we renew our pledge to empower MSMEs and champion entrepreneurship for India's economic advancement." He highlighted the importance of formalizing informal entities and announced increased resources allocated to initiatives such as PRAAYAS and the innovative digital platform, GST SAHAY.

Furthermore, Shri. Ramann underscored SIDBI's successful engagement with FinTech companies and reiterated the institution's unwavering support for smaller entities grappling with high interest rates. In addition to CMD’s remarks, Sudatta Mandal, DMD, celebrated SIDBI's achievement of surpassing a balance sheet milestone of Rs. 5.2 lakh crore. He emphasized the institution's commitment to streamlining credit delivery processes for exponential growth.

Prakash Kumar, DMD, elaborated on SIDBI's evolving role under the Development Financial Institution (DFI) banner, praising visionary leadership for guiding its transformation. The event featured insightful presentations from department heads of various verticals, including Digital Initiatives, NBFC, Partner Lending, Green Climate Finance, and Programmes for Development and Impact.

Looking ahead, SIDBI remains resolute in its mission to catalyze MSME growth, nurture entrepreneurship, and contribute to building a robust and resilient Indian economy.