Assam launches Logistics and Warehousing Policy 2022 to ensure economic growth  

Assam Chief Minister Himanta Biswa Sarma ceremoniously launched Assam Logistics and Ware Housing Policy 2022 at an MSME conclave held at Assam Administrative Staff College on September 19.
 
The policy is an initiative in making Assam a regional logistics hub to augment the economic development of the state.
 
The government of Assam entered into an MoU with CGTMSE for ease of financial access for micro and small enterprises.
 
The government signed another MoU with SIDBI Venture Capital for the Assam Start-up venture fund. The size of the SIDBI Venture Capital Fund is Rs. 200 crore. Rs 100 crore will be contributed by the State government, Rs 50 crore by SIDBI, and the remaining Rs 50 crore will be by other contributors.
 
Speaking on the occasion, Chief Minister Sarma termed the day a red letter day for the industry sector of the state as the MoUs would lead to rapid industrialization and revamp of the MSME sector.
 
He said that the collaboration with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) aims at providing additional guarantee coverage for the loans given by lending institutions to the Micro and Small Units in Assam.
 
He said that in the scheme 80% of the guarantee coverage of the loan will be provided by CGTMSE and the balance 20% coverage would come from State Government. Referring to SIDBI's estimate, corpus support of Rs 100 Crore will lead to a portfolio creation of Rs 5000 Crore and the yearly fund requirement from the State Government would be around Rs 22 Crore to Rs 26 Crore in the next three years.
 
The Chief Minister also said that under another MoU signed with SIDBI, the SIDBI Venture Capital Fund (SVCL) intends to work as Investment Manager for the proposed Assam Start-up Venture Capital Fund. SIDBI through its subsidiary, SVCL as the partner for the Assam Start-up Venture Capital Fund, shall facilitate the development of a comprehensive plan in association with the State Govt for an organized development and growth of the Start-ups including MSMEs in the State. SVCL shall establish Assam Start-up Venture Fund with a total corpus of Rs. 200 crores.
 
Sarma also appealed to young entrepreneurs to boost their efforts to develop a robust MSME ecosystem in Assam. He said that in view of today’s cut-throat competition in the consumer market, it is high time that MSMEs must modernize their applications and improve the quality of products which are essential for survival in the national and international markets.
 
Giving a brief scenario of the MSME sector in Assam Sarma said that in the state there are more than 66,000 industries that contribute 29% to the state GDP. Out of these industrial units, 88% are Micro, and 11.5% are Small and Medium industries.
 
This means that MSMEs constitute 99.5% of the industrial sector of the State. He also informed that from 2016 to 2021, under the present BJP-led coalition government, 32,770 MSMEs were established in Assam.

Out of these, 13,440 enterprises are engaged in the production sector where 1,30,294 youths have got employment.