NSIC to sign MoU with Russia to boost MSMEs in India

National Small Industries Corporation Ltd (NSIC) will sign a memorandum of understanding (MoU) with Russia to facilitate, assist and provide necessary support to MSMEs of both the countries.

“We will sign a pact with Russia Small and Medium Enterprises Corporation which comes under the Ministry of Economic Development,” said Ravindra Nath, Chairman and Managing Director of NSIC.

With the pact, MSMEs of India and Russia will come together. There will be joint ventures, transfer of technologies, new business opportunities, among others, he added, media reports stated.

In the past, NSIC had signed pact with Malaysia and South Korea with the same objective to facilitate MSMEs.

NSIC has established incubation centers at Ethiopia, Rwanda, Egypt, Burundi, Burkina Faso, and Zimbabwe. It plans to set up one more at Mozambique.

Recently, the central PSU also signed a MoU with SAP. Under the pact, SAP will facilitate NSIC to provide training and enablement courses on the ERP platform of SAP 'Business One' software.

NSIC has set a target of a Rs 270 billion turnover under its various schemes to MSMEs compared this year to Rs 224.57 billion clocked last year.