Business Standard

GeM inks MoU with SIDBI to promote MSMEs


Press Trust of India New Delhi
GeM, the government portal for public procurement, has signed an MoU with Small Industries Development Bank of India (SIDBI) with a view to promote MSMEs, women entrepreneurs, and Self Help Groups, the commerce ministry said on Friday.
GeM (Government e-marketplace) and SIDBI will take steps to ensure timely payments to sellers, and enhance working capital availability through bill discounting, the ministry said in a statement.
Speaking on the occasion, GeM CEO Talleen Kumar said that the partnership with financial institutions like SIDBI is important to promote MSMEs, start-ups, and artisans, who can now sell to government on an open, transparent and technology-driven platform.
"The GeM wants to empower these sellers through the payments within a guaranteed time frame," he added.
SIDBI Chairman and MD Mohammad Mustafa said that the Memorandum of Understanding (MoU) would strengthen capacity building through GeM-specific training programmes of personnel from partner agencies.

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First Published: Aug 30 2019 | 8:10 PM IST

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