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NASSCOM, SIDBI Ink Partnership for MSME Development

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BANGALORE: The National Association of Software and Services Companies have entered into a Memorandum of Understanding with Small Industries Development Bank of India to work together for entrepreneurship growth and development of MSME in the Information and Communication Technology (ICT) sector in the country.

As part of the MOU, both the parties will aim to coordinate the synergies in their activities to achieve this objective, NASSCOM said in a statement today.

"NASSCOM and SIDBI will explore and work on various avenues related to entrepreneurship like policy advocacy, structuring of new risk capital and other direct credit products to create an enabling ecosystem for fostering entrepreneurship and development of MSMEs", it said.

NASSCOM and SIDBI will create a joint working group of five members with three nominees from SIDBI and two from NASSCOM that will undertake the necessary assessment and evaluation of the proposals submitted by the eligible NASSCOM and MSME members, the statement said.

It will screen the "Eligible Enterprises" on a best effort basis within its pool of members and refer the proposals to SIDBI for evaluation, on the basis of which these eligible MSMEs will be provided financial assistance, it was stated.

NASSCOM President Som Mittal said: "We are confident that this collaboration will provide immense value to startups, entrepreneurs and the whole Indian technology community as the financial assistance will help encourage their efforts."

Source: PTI
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