The Small Industries Development Bank of India is actively contributing to the sustainable growth of the MSME sector, a critical component of the economy, according to a senior official of the bank.
On Thursday, Sudatta Mandal, the deputy managing director of SIDBI, highlighted the institution's proactive measures to foster a "green" MSME ecosystem through various financial and non-financial initiatives.
At an interactive session on the occasion of International MSME Day organised by the MCCI, Mandal said SIDBI has launched various lending products on competitive terms to facilitate energy-efficient transition of the MSMEs.
"In the green space, SIDBI has piloted several projects and validated models such as Partial Risk Sharing Facility for energy efficiency programme supported by the World Bank with a corpus of $37 million,” he said.
Mandal said SIDBI has made continuous efforts for holistic development of the MSME sector, which now contributes to 45% of India's exports and close to 30% of the country's GDP.
The official also said the financial institution is also helping the MSMEs to assess the energy efficiency of business processes and adopt low-emission pathways.
Mandal encouraged the sector to leverage schemes aimed at technology enhancement, innovation promotion, and credit-linked capital subsidies for sustainable growth.
He also noted that projects from 176 MSMEs, representing investments totaling Rs 3.20 lakh crore, have received approval under the Centre's production linked incentive schemes.
(With inputs from PTI)
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