Indian Development Corporation signs agreement with Indian Bank for providing financing to industrial facilities
HSIIDC and Indian Bank Join Forces to Boost MSMEs in Haryana
A significant development in Haryana's industrial sector took place on Wednesday, as the Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) and Indian Bank signed a Memorandum of Understanding (MoU). This partnership aims to facilitate financing for industrial plots purchased by entrepreneurs, particularly supporting micro, small, and medium enterprises (MSMEs) in Haryana.
The MoU, signed by HSIIDC Managing Director Yash Garg and Indian Bank Field General Manager Sushmit Banerjee, establishes a framework for robust financial support to successful MSME allottees of industrial plots developed by HSIIDC. The agreement is intended to provide affordable credit, enabling MSMEs in the manufacturing and service sectors to set up and expand their enterprises on HSIIDC plots.
The partnership focuses on ensuring that aspiring entrepreneurs gain access to comprehensive financing solutions, which can help turn innovative ideas into operational manufacturing and service units. It is expected to open new avenues for easy and accessible funding of industrial units and plots, critical for MSMEs that play a vital role in Haryana's industrial development.
According to Yash Garg, the MD of HSIIDC, the MoU will make the funding of industrial units and plots more accessible to MSMEs. The financing provided by the MoU is aimed at transforming innovative ideas into successful businesses in the manufacturing sector. The MoU is designed to accelerate the implementation of MSME enterprise creation in Haryana.
Indian Bank, in its commitment to facilitating affordable credit, emphasizes MSMEs as key drivers of economic growth in the state. The MoU with HSIIDC is expected to open new avenues for financing MSMEs in the manufacturing sector. The ultimate aim of the MoU is to offer comprehensive financing solutions to set up manufacturing and service sector enterprises.
This strategic effort to strengthen Haryana's industrial infrastructure by enhancing financial access for small-scale industrial entrepreneurs is expected to help foster broader economic growth and employment generation in the state. The MoU's goal is to accelerate the implementation of enterprise creation for MSMEs in Haryana, thereby laying a robust foundation for micro, small, and medium enterprises in the state.
[1] Source: Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) press release, 2022.
- The partnership between HSIIDC and Indian Bank will make funding of industrial units and plots more accessible to MSMEs in Haryana, aiming to transform innovative ideas into successful businesses in the manufacturing sector.
- Indian Bank, in its commitment to facilitating affordable credit, sees MSMEs as key drivers of economic growth and is expected to open new avenues for financing these businesses in the manufacturing sector.
- The MoU between HSIIDC and Indian Bank focuses on providing comprehensive financing solutions, which can help turn innovative ideas into operational manufacturing and service units, thereby fostering broader economic growth and employment generation in Haryana.
- The MoU's goal is to accelerate the implementation of enterprise creation for MSMEs in Haryana, thereby laying a robust foundation for micro, small, and medium enterprises in the state and contributing to the overall development of its industrial infrastructure.
