The National Small Industries Corporation Limited (NSIC) signs the Memorandum of Understanding (MOU) with Ministry of Micro, Small and Medium Enterprises (MSMEs) for the year 2019-20. The MOU was signed by Shri Ram Mohan Mishra, AS & DC (MSME) and CMD (NSIC) with Dr. Arun Kumar Panda, Secretary, MSME, Govt. of India in the presence of Ms. Alka Nangia Arora, Joint Secretary, SME, Ms Mercy Epao, Director (SME), Shri P. Udayakumar, Director -P&M (NSIC) and Shri 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 ‘Revenue from Operation’ by 22% from Rs. 2540 crore in the year 2018-19 to 3100 crore in the year 2019-20. Corporation also projects growth of 32% in ‘Profitability’ during the year 2019-20. NSIC 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, NSIC’s continued endeavour shall be to provide assistance to the SC/ST Entrepreneurs through different interventions and various outreach activities with the overall objectives to increase their participation in public procurement.
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.