IKEA evinced interest in sourcing products from West Bengal

Swedish furniture retail company IKEA has evinced interest in sourcing products from West Bengal, state Finance Minister Amit Mitra today said.

Swedish furniture retail company IKEA has evinced interest in sourcing products from West Bengal, state Finance Minister Amit Mitra today said.

The multinational retail chain recently opened its first store in India at Hyderabad. Mitra, addressing the concluding session of a two-day MSME conclave, said IKEA has decided to source Rs 2,000-crore worth bamboo and natural fiber from India.

"West Bengal is a big producer of bamboo. People from IKEA came to meet me and had detailed discussions on their interest in the state," he said, without divulging details.

The minister said the state government has set a target for creating one lakh entrepreneurs in the next two years. Talking of bank finance to MSMEs, Mitra said the aim is to provide loans worth Rs 80,000 crore to the segment in the next two years, adding, the government would explore the possibility of roping in state cooperative banks for this purpose.

The target set for the current fiscal is Rs 50,000 crore, he said. The West Bengal government has earmarked 2,000 acres of land for setting up 30 MSME industrial parks across the state.

During the conclave, entrepreneurs were able to clinch export orders worth Rs 113 crore, Mitra said. Several MoUs were signed for promotion and export of handicraft, leather, apparel, and gem and jewelry products of the state, he said.

The government has also inked two MoUs with the NSE and the BSE to help MSMEs migrate to the IPO level.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)