SIDBI

SIDBI has inked an agreement with the Nagaland government, pledging over Rs 100 crore for entrepreneurship initiatives in the northeastern state.

As the apex regulatory body overseeing micro, small, and medium enterprise finance companies in India, SIDBI operates under the Ministry of Finance.

During an event on Tuesday night, Subhransu S Acharya, Chief General Manager of SIDBI, outlined plans to finance four projects. These include establishing industrial infrastructure for MSMEs through the cluster development fund and Swavalamban Connect Kendras (SCK) across all 16 districts to promote entrepreneurship.

Additionally, SIDBI announced sports scholarships worth Rs 5 lakh each for the training of five promising athletes. The organization also committed to providing seed funding to support entrepreneurs in their startup journey. Nagaland’s Advisor for Industry and Commerce, Hekani Jakhalu Kense, and SIDBI’s Chairman and Managing Director, S Ramann, were present at the event.

Kense emphasized the importance of fostering local entrepreneurs for the growth of Nagaland’s economy, echoing the sentiments of Chief Minister Neiphiu Rio. She expressed gratitude to SIDBI and expressed optimism that young entrepreneurs would seize the opportunity.

Ramann expressed hope that through collaborative efforts with the Nagaland government, the state would witness a flourishing startup ecosystem.

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