Guwahati, Sep 19 (PTI) Chief Minister Himanta Biswa Sarma on Monday launched the Assam Logistics and Warehousing Policy 2022, intending to make the northeastern state a sectoral hub to augment economic development.

The state government also signed an MoU with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) for easing financial support.

Also Read | Sebastian Coe Explains How He Sold Queen Elizabeth's James Bond Act to Princes Anne.

The government also inked another MoU with SIDBI Venture Capital for start-ups in the state.

The size of the venture capital fund is Rs 200 crore, of which 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.

Also Read | Delhi High Court Proceeds Ex-Parte Against Filmmaker Vivek Agnihotri, Anand Ranganathan, News Portal Swarajya With 2018 Contempt Case.

Speaking on the occasion, Sarma termed September 19, 2022 as the red-letter day for businesses because the MoUs are expected to lead to rapid industrialisation and revamp of the micro, small and medium enterprises.

The collaboration with CGTMSE aims at providing additional guarantee coverage for the loans given by lending institutions to micro and small units in Assam.

The chief minister appealed to the young entrepreneurs to enhance their efforts to develop a robust MSME ecosystem in the state.

In view of today's intense competition in the consumer markets, it is high time that MSMEs modernise their applications and improve the quality of products for survival in the national and international markets, he said.

Giving a brief scenario of the MSME sector in Assam, Sarma said there are more than 66,000 units, which contribute 29 per cent to the state GDP.

"Out of these industrial units, 88 per cent are micro, and 11.5 per cent are small and medium entities. This means that MSMEs constitute 99.5 per cent of the industrial sector of the state," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)