NSIC pays Rs 43.89 crore dividend to Government of India for FY 2024-25

New Delhi, Oct 28 (IANS) The National Small Industries Corporation Limited (NSIC), a Mini Ratna enterprise under the Ministry of MSME, on Tuesday said that it has paid a dividend of Rs 43.89 crore to the Government of India for the financial year 2024-25.

Jitan Ram Manjhi, Union Minister of MSME, and Sushri Shobha Karandlaje, Minister of State, Ministry of MSME, received the dividend check from Subhransu Sekhar Acharya, CMD, NSIC.

The Union Minister applauded NSIC’s efforts in empowering MSMEs through integrated support services, and both leaders expressed confidence in NSIC’s continued role in fostering enterprise creation and skill development.

Meanwhile, Dr Acharya highlighted NSIC’s financial milestones, including a revenue of Rs 3,431 crore and Profit after Tax (PAT) of Rs 146.30 crore, up by 15.60 per cent from the previous year.

Earlier, the Government PSU, the NSIC, signed Memorandums of Understanding (MOU) with several private sector banks to enhance the availability of credit for MSMEs under its MSME Credit facilitation programme.

According to an official statement, the MOUs also seek to improve the credit's affordability and accessibility for MSMEs.

MOUs were signed with IndusInd Bank, Karnataka Bank, Axis Bank, Dhanlaxmi Bank, and AU Small Finance Bank.

Union MSME Minister Jitan Ram Manjhi and MSME Secretary S.C.L. Das were also present on the occasion. "The MoUs were exchanged between NSIC's Director, Finance, Gaurav Gulati and senior officials from various banks," the release said.

The partnership seeks to assist MSMEs in connecting to the official financial system and providing them with handholding support. According to the statement, the MOU is intended to be a force multiplier in the banks' endeavours to reach the last mile and focusses on helping them reach more worthy micro and small businesses.

Prime Minister Narendra Modi's recent calls for the 'Vocal for Local' initiative are in line with this development. In order to support domestic manufacturing, generate employment, and strengthen the local economy, it pushes businesses and citizens to prioritise locally produced goods over imports.

--IANS

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