The National Association of Software and Services Companies (Nasscom) on Friday , has entered a Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to work together for entrepreneurship growth and development of Micro Small & Medium Enterprise (MSME) in the ICT sector.
In order to assess and evaluate various proposals from eligible Nasscom MSME members, Nasscom and SIDBI will create a joint working group of five members with three nominees from SIDBI and two from Nasscom.
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.”
Both Nasscom and SIDBI will also 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, a press release said.