Source: The post is based on the article “Technology Development Board and Small Industries Development Bank of India forge strategic alliance to boost MSMEs” published in “PIB” on 18th November 2023
Why in the News?
Small Industries Development Bank of India (SIDBI) and the Technology Development Board (TDB) have signed a memorandum of understanding (MoU) to enable easier access to credit for MSMEs engaged in the development of indigenous or imported technology.
What is the Technology Development Board (TDB)?
| Specifications | Details |
| Nodal Ministry | Department of Science and Technology |
| Constituted in | 1996 |
| Type | Statutory body established under Technology Development Board Act,1995 |
| Aim | To promote development and commercialization of indigenous technology and adaptation of imported technology for much wider application. |
| Composition | 11 members with Secretary, Department of Science & Technology as Ex-officio Chairperson. |
| Financial Assistance | The board provides equity capital or loans to industrial concerns and financial assistance to research and development institutions. The loans carry a simple interest rate of 5% per annum. |
What is Global Innovation & Technology Alliance (GITA)?
| Specifications | Details |
| What is it | Not–for–profit Public Private Partnership (PPP) company |
| Established by | Technology Development Board (TDB) and the Confederation of Indian Industry (CII). |
| Purpose | It encourages industrial investments in innovative technology solutions by: 1) Mapping technology gaps 2) Undertaking expert evaluation of technologies available across the globe, 3) Facilitating techno–strategic collaborative partnerships appropriate for Indian economy 4) Providing soft funding for technology development / acquisition / deployment. |
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