The government of India has recently signed a pact with National Small Industries Corporation (NSIC) for the promotion of innovation and entrepreneurship in the MSME sector in India. The MOU signed between the two, states that a provision will be made for enhanced services by National Small Industries Corporation. Services such as financial, marketing and technology and other support services that help micro, small and medium enterprises will help the main body to focus and promote the MSME sector in the country. The Memorandum of Understanding has been signed for the year 2015-2016.
Special focus will be provided to the MSME sector to enhance the entrepreneurship and skill development skills to all the possible small scale entrepreneurs. This will be done through setting up livelihood incubation centres. This will be done under the scheme for promotion of innovation, entrepreneurship skill development and also by the agro-industry of the MSME sector.
As projected by the MoU, there will be a growth of 15 to 20 percent in the operational performance of the National Small Industries Corporation during the 2015-2016 year. The agreement between the two also involves the distribution of raw materials worth Rs 21,000 crore in the year 2015-2016, as against RS 18,000 crore in the previous financial year.
The agreement also includes the preparation of micro and small enterprises to avail the increased benefits that come under ‘Public Procurement’. This can be done by the formation of a combination of financial institutions; conduct programmes such as vendor development and also provide tender information, so that the micro, small and medium enterprises can participate in the tender also.
The agreement also plans to adopt 10 clusters in the future that will in turn support and extend help and benefits from the schemes of NSIC to the MSME sector. These will help the MSMEs in their marketing efforts, as it has a potential to mobilize a greater number of membership.
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