NSIC inks MoU with MSME Ministry, eyes 22 pc rise in revenue to Rs 3,100 Cr

The National Small Industries Corporation (NSIC) said on Tuesday, it has signed an MoU (Memorandum of Understanding) with the Micro, Small, and Medium Enterprises (MSME) Ministry for 2019-20 in the presence of Ram Mohan Mishra, CMD, NSIC, and MSME Secretary Arun Kumar Panda, PTI reported.

With this, it is eyeing a 22 percent increase in revenue to Rs 3,100 crore in 2019-20 from Rs 2,540 crore in 2018-19.

"The MoU envisages provision of enhanced services by NSIC under its marketing, financial, technology, and other support services schemes for MSMEs in the country," NSIC said.

It also plans to enhance its activities in the areas of imparting entrepreneurship and skill development training. It will do so by targeting 45 percent growth in the number of trainees, it added.

Media reports say the MOU was signed by Ram Mohan Mishra and Arun Kumar Panda in the presence of Alka Nangia  Arora, Joint Secretary, SME; Mercy Epao, Director (SME); P Udaya Kumar, Director, P&M, NSIC, and A.K. Mittal, Director, Finance, NSIC.

In August 2018, NSIC had opened another office in Bhubaneswar to encourage MSMEs, including SC/ST groups. The building has workplaces for different offices such as National Skill Development Corporation (NSDC), National Skill Training Institute (NSTI) and others which will work with NSIC for offering help to different MSMEs.

NSIC also signed a MoU with Russia last year to facilitate, assist and provide necessary support to MSMEs of both the countries. With the pact, MSMEs of India and Russia will come together to start joint ventures, transfer of technologies, new business opportunities, and more.

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