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NSIC signs MoU with Ministry of MSME to expand its reach to facilitate MSMEs

Updated: May 29, 2019 05:51:41am

NSIC signs MoU with Ministry of MSME to expand its reach to facilitate MSMEs

New Delhi, May 29 (KNN) Eyeing to enhance services to facilitate Micro Small and Medium Enterprises (MSMEs), the National Small Industries Corporation Limited (NSIC) signed a Memorandum of Understanding (MOU) with Ministry of MSME for the year 2019-20.

The MoU was signed in the presence of National Small Industries Corporation (NSIC) Chairman-cum-Managing Director (CMD); Additional Secretary of MSME, Ram Mohan Mishra and MSME Secretary Arun Kumar Panda.

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.

While appreciating the performance of NSIC, Secretary of Ministry of MSME, Dr. A.K. Panda suggested that greater efforts should be made to expand the reach of NSIC so that it may serve larger number of MSMEs in the country.

The Corporation projects to increase revenue from operation by 22% from Rs 2540 crore in the year 2018-19 to Rs 3100 crore in the year 2019-20. NSIC also projects growth of 32% in profitability during the year 2019-20.

In addition, Corporation also plans to enhance its activities in the areas of imparting entrepreneurship and skill development training by targeting 45% growth in the number of trainees.

Under the scheme of National SC-ST Hub being implemented by NSIC on behalf of the Ministry of MSME, it will be a continued endeavour to provide assistance to SC/ST entrepreneurs through different interventions and various outreach activities with the overall objectives to increase their participation in public procurement.


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