A Memorandum of Understanding Signed between NSIC and Ministry of MSME

A Memorandum of Understanding (MOU) was signed between National Small Industries Corporation Limited (NSIC) and Ministry of Micro, Small and Medium Enterprises (MSME) for the year 2019 - 20.

Skill development and Entrepreneurship were the main focus of this MoU.

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Overview

  • The MoU between NSIC and MSME envisages provisions of enhanced services by NSIC under its marketing, financial, technology and other support services schemes for MSMEs in the country.
  • NSIC projects to increase Revenue from Operation by 22% i.e.. from ₹ 2540 crore in year 2018 - 19 to ₹ 3100 crore in 2019 - 20. It also projects of 32% growth in profitability during year 2019 - 20.
  • NSIC plans to enhance its activities in areas of imparting entrepreneurship and skill development training by targeting 45% growth in the number of trainees.
  • NSIC is implementing National SC-ST Hub Scheme on behalf of the Ministry of MSME. It will be a continued attempt to provide to SC⟋ST entrepreneurs via different interventions and various outreach activities. Objectives of scheme will be to increase their participation in public procurement.
  • Performance of NSIC is appreciable it is suggested that greater efforts should be made to expand reach of NSIC so that it may be able to serve larger number of MSMEs in the country.

National Small Industries Corporation Limited (NSIC)

  • Founded in - 1955
  • Headquarter - Okhla Industrial Estate, New Delhi
  • Mission: “To promote and support MSMEs Sector” by providing integrated support services encompassing Marketing, Technology, Finance & other services.
  • Vision: “To be a premier Organization fostering the growth of MSMEs Sector” .

Examrace Team at Aug 20, 2021