AP Chambers urges SIDBI to open new branches in AP

Vijayawada: The Andhra Pradesh Chambers of Commerce and Industry Federation (AP Chambers) has urged Chairman & Managing Director of Small Industries Development Bank of India (SIDBI) Manoj Mittal to set up more SIDBI branches in Andhra Pradesh.

AP Chambers in a letter to SIDBI commended the SIDBI for its dedication to improving credit flow to Micro, Small, and Medium Enterprises (MSMEs) and addressing financial and developmental challenges within the MSME ecosystem.

AP Chambers president Potluri Bhaskara Rao hailed the announcement of the Union Finance Minister Nirmala Sitharaman regarding SIDBI's expansion plans and welcomed the initiative to open 24 new SIDBI branches this year. AP Chambers mentioned that in Andhra Pradesh, SIDBI currently operates branches in Vijayawada, Visakhapatnam and Tirupati. As there are numerous MSME clusters in Andhra Pradesh, AP Chambers requested SIDBI to consider opening new branches in the key clusters such as Machilipatnam, Kakinada, Guntur and Kurnool.

The Chambers stated that Machilipatnam is known for its gold manufacturing industry and has strategic importance due to the Machilipatnam port, which is currently under construction. Establishing a SIDBI branch here would support local MSMEs in diverse sectors. AP Chambers mentioned that Kakinada, as a significant port-based business centre and thriving MSMEs in sectors like agro-based industries, food processing, shipping, and logistics, needs a SIDBI branch as it would enhance financial services and credit access to MSMEs. AP Chambers reasoned that Guntur, renowned for its agro-based market, especially spices, textiles and tobacco, would benefit from a SIDBI branch to support the financial needs of MSMEs in these industries.

The Chambers requested a SIDBI branch in Kurnool as the city with its industrial park in Orvakal, has huge potential for industrial growth. A SIDBI branch in Kurnool would meet the credit demands of local MSMEs and foster industrial advancement in the region.

AP Chambers requested SIDBI for the establishment of new SIDBI branches in these areas to facilitate better credit access and support the industrial development of Andhra Pradesh.