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SIDBI launches various MSMEs cluster development-focused initiatives

Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing, and development of Micro, Small, and Medium Enterprises (MSMEs) has launched various Initiatives focused on Cluster Development under its developmental ambit.

SIDBI has been supporting MSMEs through its focused Cluster Development Initiatives such as support for technology up-gradation/modernization, skilling/re-skilling/up-skilling, and market linkages. The Cluster Development Strategy of SIDBI has gradually evolved over a period and it now caters to over 600 MSME clusters through its offices and supports the entire value chain (Micro Finance, Missing Middle and Small and Medium Enterprises). Some of the unique engagements in clusters include EU Switch Asia in 18 clusters of 9 states, cluster outreach program 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 has been regularly bringing publication, policy papers, etc. on MSME Development. To kindle cluster development SIDBI has, by the hands of Shri Debasish Panda, Secretary, Department of Financial Services (DFS), Ministry of Finance (MoF), Government of India (GoI) launched the first Information Series titled “Diagnostic Mapping of Cluster- Charting The path ahead through Intervention”.

The bookmarks the commencement of focused attention of SIDBI on the Clustering Strategy aimed towards building and supporting the sustainable growth of MSMEs. It compiles the findings that emerged out of diagnostic studies in 30 clusters. It contains recommendations and action plans for financial and non – financial issues, interventions suggested at the policy, cluster, and unit level. SIDBI is geared up to undertake diagnostics of 100 clusters and plan engagement in 15 clusters.

On this occasion, Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI said, “SIDBI has identified a multi-pronged strategy to impact local, regional, national and global value chain through MSE clusters. We are giving a thrust to hard infrastructure support to state governments. DFS GoI and the Reserve Bank of India have supported us in setting up the SIDBI Cluster Development Fund. The soft infrastructure engagement shall complement the hard infrastructure. 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 the sustainable growth of clusters”.

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Since the typology of Cluster Development generally involves hard and soft infrastructure aspects, to address the Soft Infrastructure aspects SIDBI has launched the Business Development Services Intervention Program in 5 Clusters [Tourism Cluster – Jammu & Kashmir; Delhi-NCR Innovation Cluster; Jodhpur wood furniture cluster, Sambalpur Textile cluster, Chennai Leather Cluster] today . The holistic aim of the intervention is to strengthen Clusters to evolve as model Clusters and also to increase MSMEs’ access to services thus rising up the value chain.

About SIDBI: Since its formation in 1990, SIDBI has been impacting the lives of citizens across various strata of the society through its integrated, innovative and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly touched the lives of Micro and Small Enterprises (MSEs) through various credit and developmental engagements. SIDBI 2.0 carries the vision of inclusive, innovative, and impact-oriented engagements. To know more, check out: https://www.sidbi.in

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