SIDBI ‘Srijan’ & ‘GIFT’: Fueling MSME Innovation

SIDBI is taking several important steps to promote new innovations for MSMEs. First, through the "Srijan" program, MSMEs and startups receive support in developing new technologies. This program provides funding at concessional rates through technical and financial assessments, helping enterprises turn their ideas into reality. Additionally, SIDBI has collaborated with TIFAC to simplify the technical evaluation and funding process further.

On the other hand, SIDBI has prepared a set of clean and energy-efficient technologies that provide MSMEs with guidelines for new machines and technologies. Through the GIFT program, MSMEs also receive a 2% interest rebate and a 25% subsidy on capital investment for green projects. These initiatives make SIDBI play an important role in promoting innovation for MSMEs and helping them become globally competitive.

Regarding this, SIDBI Chief General Manager, R.K. Singh, stated that SIDBI is a leading financial institution for MSMEs, covering the entire value chain from micro, small, and medium enterprises. In terms of innovation, we run several programs, one of which is "Srijan," where any MSME or start-up interested in adopting the latest technology can receive support under this program. This comes with very concessional funds and is in collaboration with TIFAC, which is under the Ministry of Science and Technology. This is a joint collaboration where they conduct technical evaluations, and we handle financial assessments and provide funding. Many enterprises have benefitted from this and have expanded internationally.

On the other hand, we have created a basket of clean, green, energy-efficient technologies. This helps MSMEs and evaluators identify eligible machines and support them. Through the Ministry of MSME, SIDBI, and all banks, there's a scheme for green investment and transformation. This is called the GIFT program, which provides a 2% interest subsidy. If projects are related to the circular economy and go for capital investment, a capital subsidy of 25% is available on loans up to 50 lakhs.

Apart from SIDBI’s efforts, there are several other significant initiatives to promote innovation for MSMEs. For example, the government has launched various financial schemes and programs, such as the Mudra scheme, which provides loans to small enterprises. This helps entrepreneurs grow their businesses and implement new ideas.

Additionally, SIDBI has also started utilizing digital platforms to provide MSMEs easy access to information, funding options, and technical assistance. This not only helps enterprises access financial resources but also gives them an opportunity to improve their products and services according to market requirements. In this way, both SIDBI and the government are working together to build a strong ecosystem to promote MSME innovation and growth.

SIDBI is actively collaborating with various stakeholders, government agencies, and industry associations to strengthen MSME support. It works with government agencies like the Ministry of MSME and the Ministry of Science & Technology to develop new schemes and programs, such as the GIFT program, which provides MSMEs with financial and technical assistance. Furthermore, SIDBI engages in dialogue with industry associations like CII, FICCI, and ASSOCHAM to effectively convey the voice of entrepreneurs to the government and ensure their participation in policy-making.

SIDBI is also collaborating with technical institutions and research organizations, providing MSMEs access to the latest technologies and innovations. Additionally, SIDBI partners with various banks and financial institutions to provide affordable loans to MSMEs. Through these initiatives, SIDBI is developing a comprehensive support system that contributes to the growth and competitiveness of MSMEs.

Conclusion

SIDBI is taking several important steps to promote innovation for MSMEs, such as the "Srijan" program and the GIFT program, which provide financial and technical assistance. Collaboration with TIFAC has simplified the technical evaluation and funding process, enabling entrepreneurs to realize their ideas. Furthermore, the clean and energy-efficient technology basket guides MSMEs for new machinery. Through these initiatives, SIDBI plays an important role in making MSMEs globally competitive.