SIDBI's DIA Scheme: Empowering MSME Industry Associations

The Small Industries Development Bank of India (SIDBI) has introduced a new initiative called the Development of Industry Associations (DIA) to solidify and financially sustain industry associations for micro, small, and medium enterprises (MSMEs). The scheme was officially launched by the Department of Financial Services Secretary, M Nagaraju, during the National Conclave on DIA held in the capital city on Wednesday.

Around 125 representatives from 90 industry associations, covering sectors like engineering, textiles, plastics, electronics, food processing, and furniture, including eight from the north-eastern states, participated in the conclave. SIDBI CMD Manoj Mittal emphasized the importance of robust industry clusters supported by strong associations.

Mittal outlined SIDBI's dual strategy of providing infrastructure, trained human resources, and initial activities in a demand-driven manner while fortifying the digital environment through a portal for networking and research. The goal is to develop financially sustainable associations similar to successful farmer-producer organisations. Discussions also explored innovative sustainability models, including MSME solution centres managed by retired professionals and revenue generation from specialized services.

(With inputs from agencies.)