ANSWER: Mohammad Mustafa
Explanation:
Senior bureaucrat Mohammad Mustafa was appointed as Chairman and Managing Director in Small Industries Development Bank of India (SIDBI).
Mustafa, a 1995 batch IAS officer of Uttar Pradesh cadre, is at present Joint Secretary in Department of Financial Services.
The Appointments Committee of the cabinet has approved his appointment to the post for three years, an order issued by the Department of Personnel and Training (DoPT) indicated.
SIDBI - Small Industries Development Bank of India (SIDBI) was set up on April 2, 1990 under an Act of Indian Parliament.
It acts as the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities. - The business domain of SIDBI consists of Micro, Small and Medium Enterprises (MSMEs), which contribute significantly to the national economy in terms of production, employment and exports.
- MSME sector is an important pillar of Indian economy as it contributes greatly to the growth of Indian economy with a vast network of around 5.1 crore units, creating employment of about 11.7 crore, manufacturing more than 6,000 products.
- It is contributing about 45% to manufacturing output and about 40% of exports in terms of value, about 37% of GDP.
The business strategy of SIDBI is to address the financial and non-financial gaps in MSME eco-system.
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