After Malaysia, South Korea, NSIC to sign MoU with Russia to support MSMEs

In the past, NSIC had signed pact with Malaysia and South Korea to facilitate, assist and provide necessary support to MSMEs of both the countries to identify and exchange latest technologies

Mini Ratna PSU National Small Industries Corporation Ltd (NSIC) will sign a memorandum of understanding (MoU) with Russia to facilitate, assist and provide necessary support to MSMEs (micro, small & medium enterprises) of both the countries.

"We will sign a pact with Russia's Small and Medium Enterprises Corporation which comes under the Ministry of Economic Development. With the pact, MSMEs of India and Russia will come together. There will be joint ventures, transfer of technologies, new business opportunities, among others", said Ravindra Nath, Chairman cum Managing Director of NSIC.

In the past, NSIC had signed pacts with Malaysia and South Korea to facilitate, assist and provide necessary support to MSMEs of both the countries to identify and exchange latest technologies, he added.

NSIC has established incubation centres at Ethiopia, Rwanda, Egypt, Burundi, Burkina Faso and Zimbabwe. It plans to set up one more at Mozambique.

Recently, the central PSU also signed a MoU with SAP for skilling youth on enterprise software.

As a part of the MoU, SAP India will leverage the well-established network of NSIC Technical Services Centres and other institutions working under its administrative control to create a future-ready workforce. The joint program will provide access to knowledge of innovative enterprise IT solutions thereby ensuring availability of talent pool on enterprise software for MSMEs in the country.

Under the pact, SAP will facilitate NSIC to provide training and enablement courses on the ERP platform of SAP 'Business One' software

The training programs will be delivered through a combination of virtual sessions and classroom courses at centres identified and arranged by NSIC. Post the completion of the course, SAP and NSIC will offer a joint certification to the candidates to help increase their employability while aiding MSMEs with a skilled workforce.

NSIC has set a target of a Rs 270 billion turnover under its various schemes to MSMEs compared this year to Rs 224.57 billion clocked last year.

Recently, the mini Ratna PSU had inaugurated its largest office building in eastern India with a built-up area of 110,000 sq ft at Bhubaneswar.

In addition, the building has offices of various agencies like National Skill Development Corporation, National Skill Training Institute (NSTI) and others which will be working with NSIC for providing support to various MSMEs.