MOU: signed between NSIC and MSME Ministry
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.
Key Highlights
- About: The MoU between NSIC and MSME envisages provisions of enhanced services by NSIC under its marketing, financial, technology and other support services schemes for Micro, Small and Medium Enterprises (MSMEs) in the country.
- Projections: The NSIC projects to increase Revenue from Operation by 22% i.e. from Rs.2540 crore in year 2018-19 to Rs.3100 crore in 2019-20. It also projects growth of 32% 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.
- National SC-ST Hub Scheme: NSIC is implementing National SC-ST Hub Scheme on behalf of the Ministry of MSME. Under the scheme it will be a continued attempt to provide assistance to SC/ST entrepreneurs via different interventions and various outreach activities. The overall objectives of scheme will be to increase their participation in public procurement.
- Way Forward: Although the 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.
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Month: Current Affairs - May, 2019