SIDBI to sanction Rs 700 cr in 5 years, to create 28,000 jobs: Manipur CM

CM highlighted Manipur's impressive performance in the registration of MSMEs, ranking second in the Northeast region and first among the small states with 51,199 registrations in 2021

Manipur Chief Minister N Biren Singh today said that SIDBI is all set to sanction around Rs 700 crore over the next five years. This would give a boost to the Micro Small and Medium Enterprises (MSMEs) and lead to the creation of approximately 28,000 jobs.

Speaking at the launch of the Manipur State Credit Guarantee Scheme, the CM highlighted Manipur’s impressive performance in the registration of Micro, Small & Medium Enterprises (MSME), ranking second in the Northeast region and first among the small states with 51,199 registrations in 2021.

The Chief Minister pointed out that MSMEs are well-suited for Manipur, given the local population’s enthusiasm for work and new ventures. He noted that previously, banks required collateral or security for loan approvals, but now the government is offering guarantees under the Credit Guarantee Scheme.

In his address, Chief Minister Singh stressed the importance of increasing the pace of work across various fields to sustain the state’s previous development progress in the face of the current crisis.

The Chief Minister acknowledged that Manipur has been facing challenging times and emphasized the need for unity to return to normalcy through emotional integration and coexistence.

The scheme has been launched in collaboration with the Credit Guarantee Fund Trust for Micro and Small Enterprises, which was established by the Ministry of MSME and Small Industry Development Bank of India (SIDBI). The event was organized by the planning department of the Government of Manipur.

The launch event was attended by Water Resources Minister Awangbou Newmai, Youth Affairs and Sports Minister Govindas Konthoujam, as well as other high-ranking government officials.

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