Bhubaneswar: In a bid to bolster credit guarantee for the micro, small and medium enterprises sector, the state government has decided to soon revive the Odisha State Financial Corporation (OSFC) to provide better fillip to industrialists.
The Minister of Micro, Small & Medium Enterprises, Prafulla Samal while talking at a seminar on initiatives to improve the sector at Utkal Chamber of Commerce and Industry (UCCI) here informed ‘the government has decided to revive OSFC as the MSMEs were not getting the necessary support it should from the banking system’.
“The MSME sector is not getting adequate support from the banks and as a result, this vital sector, which provides substantial opportunity for both development of the economy and employment, is struggling for financial support,” the Minister said.
He also said that the state government has constituted a committee to revive the OSFC, since it had a good track record of providing hand-holding support to entrepreneurs in the state.
Taking into account the contribution of the MSME sector to the GDP, exports and employment generation, the Odisha government had formed a separate department for it, he added.
More efforts are being made to provide women entrepreneurs all necessary facilities to grow, Prafulla Samal said.
The state government, which is laying stress on skill development, has formed the Odisha Skill Development Authority, he said and added, “an MoU has been signed with Singapore-based ITE Education Services (ITEES) for training of ITI instructors.”