New Delhi, Apr 22 (PTI) Small Industries Development Bank of India on Friday said it has provided the approval for Rs 600 crore to the Maharashtra government under the SIDBI Cluster Development Fund.

SIDBI (Small Industries Development Bank of India) is the principal financial institution engaged in the promotion, financing and development of Micro, Small and Medium Enterprises (MSMEs) in the country.

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An in-principle approval letter has been issued to Maharashtra for an amount of Rs 600 crore for reviving and upgrading various ITIs /polytechnics under the SIDBI Cluster Development Fund (SCDF), SIDBI said in a release.

These institutions are being run by the Directorate of Vocational Education and Training under the Department of Skills, Employment, Entrepreneurship and Innovation of the state government.

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These ITIs/polytechnics complement the MSME clusters in the state through availability of skilled manpower through hands-on skill training, which is the demand of the MSMEs, said the lender.

These ITIs are generally located near the industry clusters so that after completing their training, tradesmen can for apprenticeship in different industry clusters.

The demand for skilled manpower in Maharashtra has been sharply increased due the launch of various government schemes such as Make in India, Digital India, Smart Cities and Clean India Mission.

"The active participation of state government-run institutions through their upgradation and revival, in the journey of MSME development, shall provide necessary impetus to fulfilling the much desired need of skilled manpower of the MSME ecosystem and shall facilitate achieving a higher efficiency by the system," said Sivasubramanian Ramann, Chairman and Managing Director of SIDBI.

(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)