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Sep 21, 2022
Assam govt inks two MoUs to revamp MSME sector

The Assam government signed two MoUs with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and SIDBI Venture Capital Fund to revamp the MSME sector in the state.

The agreements were signed at an MSME conclave held in Guwahati.

Speaking on the occasion, Assam Chief Minister Himanta Biswa Sarma termed the day as a red letter day for the industry sector of the state as the MoUs would lead to rapid industrialization and revamp the MSME sector.

"As per State government's vision to transform Assam as an Atmanirbhar state, the MSMEs have a very important role to play. The MSMEs must nurture themselves to emerge as big industries and inspire the new generation towards entrepreneurship. In other words, in making the youth from job seekers to job creators, the MSMEs must set an example for the new generation to follow", he said.

The agreement with CGTMSE aims to provide additional guarantee coverage for the loans given by lending institutions to the Micro and Small Units in Assam.

As per reports, 80 per cent of the guarantee coverage of the loan under this scheme will be provided by CGTMSE and the balance 20 per cent coverage would come from State Government.

The SIDBI Venture Capital Fund is Rs. 200 crore. Rs. 100 crore will be contributed by the State government, Rs. 50 crore by SIDBI and the remaining Rs. 50 crore will be covered  by other contributors.

The Assam Chief Minister also said that under another MoU signed with SIDBI, the SIDBI Venture Capital Fund (SVCL) intends to work as Investment Manager for the proposed Assam Start-up Venture Capital Fund.

During the conclave, the Assam Logistics and Ware Housing Policy 2022 was also launched by the chief minister. The new policy is an initiative in making Assam a regional logistics hub to augment the economic development of the state.

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