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 2019-20. The MOU was signed by Ram Mohan Mishra, AS & DC(MSME) and CMD (NSIC) with Dr. Arun Kumar Panda, Secretary, MSME, 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).
The 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 Operationby 22% from Rs. 2540 crore in the year 2018-19 to 3100 crore in the year 2019-20. NSIC also projects growth of 32% in Profitability during the year 2019-20. The 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.
Dr. A.K. Panda, Secretary, Ministry of MSME, while appreciating the performance of NSIC, 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.