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NSIC targets Rs 1,700 cr turnover in Odisha in FY17

Sun, 29th May 2016 (Source:Business Standard)

The National Small Industries Corporation (NSIC) aims to generate a business turnover of Rs 1,700 crore through its various schemes in Odisha during the current fiscal.

“This year, we hope it (the turnover) would reach Rs 1,700 crore, which includes income from tender marketing on behalf of MSMEs (micro, small and medium enterprises), raw material distribution, finance to units through bank tie-ups and raw material assistance against bank guarantee. Last fiscal, the turnover was around Rs 875 crore in the state," said an official.

A memorandum of understanding (MoU) is signed with theNSIC headquarters on the business plan, he added.

The units registered with NSIC are eligible to get the benefits under Public Procurement Policy for Micro & Small Enterprises (MSEs) scheme.

As per the policy, every central ministry department and PSU shall set an annual goal of purchasing a minimum 20 per cent of their total annual requirement of products or services from MSEs. Out of this 20 per cent stipulation, four per cent is earmarked for MSEs promoted by schedule caste and schedule tribe persons.

At present, NSIC is rendering services to about 2,000 small scale units in the state.

NSIC, operating under the Ministry of MSME, has signed pacts with various nationalised and private banks for credit facilitation to the MSMEs under its bank tie-up scheme. Through syndication with these banks, NSIC arranges for credit support (fund or non-fund based limits) from banks without any cost to MSMEs. All documentation pertaining to completion and submission of credit proposals to banks is also undertaken by NSIC.

NSIC has set a target to give hand holding support to 600 new entrepreneurs in the state in this financial year, added the official.

NSIC, a mini ratna Government of India company, is also setting up an MSME facilitation centre in Bhubaneswar.

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