Odisha plans to increase OSIC turnover to Rs.1,000 crore

The Odisha government has decided to prepare an action plan to increase the turnover of the Odisha Small Industries Corporation (OSIC) to Rs.1,000 crore in the next two years.

The government has set a target to increase the turnover by providing various services to local Micro, Small and Medium Enterprises (MSMEs), mostly in the area of marketing, in the next two years, an official of the MSME department said on Monday.

He said the state chief secretary has advised to prepare an action plan and the department was working on it.

Since many MSME industries are facing closure in the absence of market linkage, the OSIC would provide adequate market linkage for their sustenance.

The official said the government plans to formulate a new MSME development policy, which will replace earlier policy of 2009.

According to MSME sources, 15,315 MSME units shut down operation during 2013-14, while 24,481 units remain sick following stiff competition from large industries, and due to obsolete technology, and lack of credit flow.

The sources said the government would also set up a separate cell at the OSIC for taking up infrastructure development for the MSME sector.