NSIC signs MoU with Ministry of MSME

Dinesh Rai and H.P Kumar signing an MoU between the Ministry of MSME and the NSIC in New Delhi on Tuesday.

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Saurabh Gupta | 24 Mar, 2010
National Small Industries Corporation (NSIC) has signed an Memorandum of Understanding (MoU) with Ministry of Micro, Small and Medium Enterprises (MSME), in the capital on Tuesday.

The MoU for the year 2010-11 was signed between Dinesh Rai, Secretary, MSME and Dr. H.P Kumar, CMD, NSIC.

After signing the MoU, Dinesh Rai told SME Times, "We have signed an MoU between the ministry and NSIC for next financial year i.e. for year 2010-11. Under this MoU we will form a charter of targets and achievements for the coming year."

"NSIC is playing a very important role in the development of micro, small and medium enterprises. And so the work profile and the target of NSIC have been raised for the coming year. Along with this now NSIC will also play a vital role under the Prime Minister's Task Force on MSME, which is equally important, like consortium formation to give tenders, marketing intelligence, buyer seller meet, to organize international exhibitions in India, website development and making of catalogue," he said.

"The NSIC officials have committed us to work in the given way and also have started the work already. This MoU will increment the role and importance of NSIC and so the reach of their (NSIC) help to MSMEs will also increase," he added.

The MoU also carries the approval of the task force established by the government under the Department of Public Enterprise (DEP). The targets for many of the parameters have been set at higher level than what the corporation has been achieving during the past years.

The MOU paves the path for NSIC to render all round service for the MSMEs in the country.

The MoU envisages continuous growth of NSIC in terms of operational and financial performance in the coming years after having achieved "Excellent" rating in terms of its performance during the last two years.

Meanwhile describing the issues of MoU, Dr. H.P Kumar told SME Times, "Under this MoU we will serve more and more MSMEs in every part of the nation in the form of providing marketing assistant, raw material, micro finance and skill development through incubation center."

When asked about the increase in target, he said, "As the demand of raw material is increasing and so our target has been raised 35 to 40 percent compare to last year."

"We will achieve this target by elaborating our branches across the nation and by adding more and more MSMEs under our campaign," Dr. Kumar added.