SME Times is powered by   
Search News
Just in:   • SpiceJet re-introduces 'Zero Change fee' offer  • 'Good' progress made at nuclear talks but issues remain: Iran  • Fiscal package may be on cards to maintain economic recovery amid Covid 2.0  • Striking taxi drivers demands unreasonable: Goa tourism body  • Govt notifies Rs 6k cr PLI scheme for AC, LED light manufacturing 
Last updated: 27 Sep, 2014  

sidbi.thmb.jpg 'SIDBI acts to address information gap among MSMEs'

   Top Stories
» Fiscal package may be on cards to maintain economic recovery amid Covid 2.0
» FICCI writes to 25 CMs on Covid management
» Regulation of insolvent firms' shares still remains a dilemma
» ECLGS 2.0 now covers SMA-1 borrowers
» Forex reserves up by over $4 bn
Namrata Kath Hazarika | 28 Jun, 2013
The Small Industries Development Bank of India (SIDBI), an apex bank for Micro, Small and Medium Enterprises (MSMEs) in the country are constantly addressing the information gap among all existing and potential entrepreneurs in the country.

"SIDBI has been consistently addressing the information asymmetry issues by ensuring availability of relevant information to MSMEs," said S Muhnot, CMD, SIDBI to SME Times.

To ensure proper information flow among MSMEs, the Finance Ministry, in association with the Small Industries Development Bank of India (SIDBI), had launched an online portal '' to support the micro, small and medium businesses to get potential information for busniess growth. The portal was introduced last year.

This is a move for imparting financial literacy  to MSMEs as this will help them to grow faster, he added.

Muhnot said that the portal is at the moment providing information at the finger tips to most of the businesses. Through this portal one can access the latest information on recent developments in the fields of banking, various government policies, initiatives, incentives etc., available for the budding as well as all ready established entrepreneurs.

The portal contains several tips for startup enterprises on how to manage finance, business, approvals and clearances, innovation, marketing, etc, he added.

"The website provides potential awareness, understanding and identification and choosing of the business opportunities that exist. It gives understanding of the basics of finance and regulatory aspects. Also, help in preparation of business plan and detailed project report, assist to incorporate business in India and attends to various requirements of banks and financial institutions," Muhnot said.

"In India, we have a dynamic pool of young entrepreneurs with innovative ideas that can transcend into a successful business, but what they lack is credible and relevant information regarding various financial supports, incentives and other benefits which as a startup entrepreneur they can get from the lending institutes (Banks / FIs) and the government policies," the chairman of bank pointed out.

It has been a step forward in the right direction for helping such entrepreneurs to get relevant information, he added further.

The MSME sector contributes around 9 percent of GDP and accounts for around 45 percent of the manufacturing output at the moment. There are 3.6 crore thriving enterprises that employs over 8 crore people currently.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 19 Apr, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Covid second wave: Lockdown or no lockdown(2)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter