NSIC inks MoU with MSME Ministry for FY 2018-19

Last Updated: Mon, May 07, 2018 20:01 hrs

[India], May 7 (NewsVoir): The National Small Industries Corporation Limited (NSIC) signed a Memorandum of Understanding (MOU) with Ministry of Micro, Small and Medium Enterprises (MSME) for the year 2018-19.

The MoU was signed by Ravindra Nath, CMD, NSIC with Dr. A.K. Panda, Secretary, MSME, Government of India in the presence of Alka Nangia Arora, Joint Secretary, MSME, Dr. P.G.S. Rao, Director (MSME), P. Udayakumar, Director (P&M) NSIC and A.K. Mittal, Director (Finance) NSIC.

The said MoU envisages provision of enhanced services by NSIC under its marketing, financial, technology and other support services schemes, for MSMEs in the country. The corporation projects to increase its total business by 21.30 percent from Rs. 22,258 crore in the year 2017-18 to Rs. 27,000 crore in the year 2018-19.

The corporation also projects growth of 15 percent in 'Revenue from Operation' and 22 percent in 'Profitability' during the year 2018-19. NSIC also plans to enhance its activities in the areas of imparting entrepreneurship and skill development training by targeting 15 percent growth in the number of trainees

Under the scheme of National SC-ST Hub, being implemented by NSIC on behalf of the Ministry, NSIC's continued endeavour shall be to prepare SC/ST entrepreneurs avail enhanced benefits under Public Procurement for which NSIC undertakes to conduct special VDPs, engage with CPSEs, organise regional conclaves and so on.

Dr. A.K. Panda, Secretary, MSME, while appreciating the performance of NSIC, urged the Corporation to create niche activities for itself. He also suggested that greater efforts be made to expand reach of NSIC so as to serve larger number of MSMEs.

Further, Ravindra Nath, CMD, NSIC also informed that special focus will be given to modernize its technical centres so as to strengthen its vertical of training and testing services for MSMEs. (NewsVoir)



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