GUWAHATI: Himanta Biswa Sarma, Chief Minister of Assam launched on Monday Assam Logistics and Warehousing Policy 2022with the intention of making the northeastern state a sectoral hub to increase economic development.
The state government has also signed a memorandum of understanding with the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to ease financial support. The government has also signed another memorandum of understanding with SIDBI Venture Capital for state start-ups.
The size of the venture capital fund is Rs 200 crore, of which Rs 100 crore will be contributed by the state government, Rs 50 crore by SIDBI and the remaining Rs 50 crore will be contributed by other contributors.
Speaking on the occasion, Sarma called September 19, 2022 a red letter day for business as MoUs are expected to lead to rapid industrialization and revamping of micro, small and medium-sized enterprises.
The collaboration with CGTMSE aims to provide additional collateral coverage for lending by credit institutions to micro and small units in Assam.
The Chief Minister called on young entrepreneurs to step up their efforts to develop a strong ecosystem of MSMEs in the state.
Given the current intense competition in consumer markets, it is high time for MSMEs to upgrade their applications and improve product quality to survive in domestic and international markets, he said.
Giving a brief scenario of the MSME sector in Assam, Sarma said that there are over 66,000 units, which contribute 29% to the state’s GDP.