Thursday, March 7, 2024

Union Minister of Finance, Nirmala Sitharaman Was Presented With Two Valuable Books By S. Ramann CMD, SIDBI

The Hon’ble Union Minister of Finance, Smt. Nirmala Sitharaman, heralded for her unwavering commitment to fostering economic growth and stability, was presented today with two insightful books by , Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI which showcased pioneering work undertaken by SIDBI. 

The first book, titled Prabhaav is an Impact Study of Fund of Funds, reveals the transformative effects of fund allocation strategies under the Start Up Fund of Funds scheme of the Govt. Through meticulous research and analysis reveals how the scheme has resulted in all-round outcomes due to the catalytic effect of the INR 10,000 crore commitment to about 100 AIFs wherein more than 5 times that amount was collected from the market. This multiplied flow of capital led to innovative solutions, inclusiveness & diversity in startups, deepening the funding ecosystem in the hinterlands of the country, strengthening of governance as well as wealth creation. 40% of the AIFs had first time fund managers and 18% were women led.

The second book is a comprehensive treatise on Cluster Development, which highlights the how SIDBI has been attending to clusters under a Programmatic/Structured Approach adopted. SIDBI has identified the mapping of skill, technology development, credit gap as important issues of policy interventions. The diagnostic mapping looks into segmental, sectoral analysis of the existing enterprises and potential for new enterprises. The diagnostic studies consist of financial & non-financial services gap mapping including primary and secondary data tapping. The book is compilation of such diagnostic mapping of 30 clusters representing variety of Artisanal, Manufacturing and Service sector clusters based on primary and secondary research along with recommendations/action plans for non-financial/financial issues and also suggested/proposed the need for undertaking the below mentioned soft and hard interventions in the clusters.

CMD SIDBI expressed profound gratitude for the Finance Minister's steadfast support and visionary leadership in driving initiatives that empower India's entrepreneurial landscape. The esteemed minister graciously accepted the books, acknowledging their significance in shaping policies and strategies that catalyse India's economic resurgence.

As India charts its course towards a robust and resilient economy, collaborations, and partnerships between key stakeholders such as the finance ministry and institutions like SIDBI are poised to play a pivotal role in realizing the nation's aspirations for inclusive growth and prosperity.

About Small Industries Development Bank of India (SIDBI):

SIDBI is the Principal Financial Institution for Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. The Bank has proactively been working towards Energy Efficiency (EE) in MSMEs since 2005-06 using support of multilateral institutions like World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. Furthermore, SIDBI has been touching the lives of citizens across various strata of 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 impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.

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