Press release :28 Dec 2012 12:10 AM PST
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.
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 MSME members.
It will screen the “Eligible Enterprises” on a best effort basis within its pool of members and refer the proposals to SIDBI for evaluation, basis which these eligible MSMEs will be provided financial assistance.
Speaking on the occasion Mr. Som Mittal, President, NASSCOM, said, “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.”
As part of the agreement NASSCOM will additionally organize meetings/workshops for dissemination of information regarding Risk Capital Assistance/Direct Credit Schemes of SIDBI, to identify eligible enterprises for assistance from SIDBI.
Speaking on the occasion Mr. Som Mittal, President, NASSCOM, said, “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.”
As part of the agreement NASSCOM will additionally organize meetings/workshops for dissemination of information regarding Risk Capital Assistance/Direct Credit Schemes of SIDBI, to identify eligible enterprises for assistance from SIDBI.
The Indian IT industry is estimated to be a USD 100 billion sector providing direct employment to over 2.5 million employees. In addition to contributing towards the economy, this industry has also positively impacted the lives of many through contribution to the various socio-economic parameters such as employment, standard of living and diversity among others.
These unique initiatives being undertaken will continue to add to the growth of the Indian IT Industry.
About NASSCOM
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPO industries in India. NASSCOM is a global trade body with more than 1300 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services off-shoring and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 2.32 million professionals.
About SIDBI
SIDBI is India's apex level financial institution for the promotion, financing and development of MSMEs in the country and was established on April 2, 1990, under the Small Industries Development Bank of India Act, 1989. SIDBI is "the principal financial institution for the promotion, financing and development of industry in the micro, small & medium enterprises sector and to co-ordinate the functions of institutions engaged in similar activities and for matters connected therewith or incidental thereto. Micro, small & medium enterprises contribute significantly to the national economy in terms of production, employment and exports. SIDBI has crossed the milestone of cumulative disbursement of Rs 2 lakh crore as on March 31, 2011 benefiting more than 325 lakh people. During FY 2010-11, SIDBI's outstanding credit to the MSME sector increased by 22% to Rs. 46,331 crore. Its asset portfolio crossed Rs. 50,000 crore as at March 31, 2011. SIDBI also received international award for MSME Financing & Development Project (MSMEFDP), under Local Economic Development Category, for "Making Market Work for MSMEs" by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
About NASSCOM
NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPO industries in India. NASSCOM is a global trade body with more than 1300 members, which include both Indian and multinational companies that have a presence in India. NASSCOM's member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services off-shoring and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 2.32 million professionals.
About SIDBI
SIDBI is India's apex level financial institution for the promotion, financing and development of MSMEs in the country and was established on April 2, 1990, under the Small Industries Development Bank of India Act, 1989. SIDBI is "the principal financial institution for the promotion, financing and development of industry in the micro, small & medium enterprises sector and to co-ordinate the functions of institutions engaged in similar activities and for matters connected therewith or incidental thereto. Micro, small & medium enterprises contribute significantly to the national economy in terms of production, employment and exports. SIDBI has crossed the milestone of cumulative disbursement of Rs 2 lakh crore as on March 31, 2011 benefiting more than 325 lakh people. During FY 2010-11, SIDBI's outstanding credit to the MSME sector increased by 22% to Rs. 46,331 crore. Its asset portfolio crossed Rs. 50,000 crore as at March 31, 2011. SIDBI also received international award for MSME Financing & Development Project (MSMEFDP), under Local Economic Development Category, for "Making Market Work for MSMEs" by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
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