SIDBI Signed Mou with CMAI & SICS to Strengthen Textile MSME Sector

Current Context: The Small Industries Development Bank of India (SIDBI) signed MoUs with the Clothing Manufacturers' Association of India (CMAI) and the Sachin Industrial Co-operative Society (SICS) on March 21, 2025, in Surat, Gujarat.

Aim: To strengthen the MSME textile and garment sector by providing financial and technical assistance, including access to collateral-free loans and modernization support.

Highlights:

Entrepreneurs can avail of collateral-free loans up to ₹10 crore under the CGTMSE scheme.
SIDBI support centers will assist with loan applications and processing.
Special focus on upgrading textile machinery and garment sector advancements.
Loan processing time reduced to 30-45 days, with interest rates ranging from 8.75% to 9.75%.

Question:

Q.1 With which organizations did Small Industries Development Bank of India (SIDBI) sign MoUs on March 21, 2025, to support the MSME textile and garment sector?
a) Clothing Manufacturers' Association of India (CMAI) & Sachin Industrial Co-operative Society (SICS)
b) Textile Ministry & NITI Aayog
c) FICCI & ASSOCHAM
d) Khadi and Village Industries Commission (KVIC) & Handloom Export Promotion Council

Answer: a) Small Industries Development Bank of India (SIDBI) signed MoUs with Clothing Manufacturers' Association of India (CMAI) & Sachin Industrial Co-operative Society (SICS) to provide financial and technical assistance to the MSME textile and garment sector.