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NASSCOM partners with SIDBI for growth of MSME

Posted on Dec 28, 11:19PM | UNI

The National Association of Software and Services Companies (NASSCOM) today signed a Memorandum of Understanding (MOU), with Small Industries Development Bank of India (SIDBI) to work together for entrepreneurship growth and development of Micro Small and Medium Enterprise (MSME) in India.

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 for evaluation of the proposals submitted by the eligible NASSCOM MSME members.

'We at NASSCOM are pleased to enter into a partnership with SIDBI as this comprehensive agreement will allow us to support MSME's and the budding entrepreneurial ecosystem of India. 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' said Som Mittal, President, NASSCOM, in a release.

The Indian IT industry is estimated to be a USD 100 billion sector providing direct employment to over 2.5 million employees, as part of the agreement NASSCOM will additionally organize meetings, workshops for dissemination of information regarding Risk Capital Assistance or Direct Credit Schemes of SIDBI,to identify eligible enterprises for assistance from SIDBI.

NASSCOM is a global trade body with more than 1300 members,which include both Indian and multinational companies that have a presence in India, constitute over 95pc of the industry revenues in India.