NSIC aims Rs. 410 crore raw material credit to MSMEs in Maharashtra in FY23
“The National Small Industries Corporation Ltd. (NSIC) is keen to partner with WTC Mumbai in its trade promotion programs to facilitate exports for MSMEs, industry clusters and women
entrepreneurs in the country. Both the organizations can complement each other’s strengths and we hope this will be an effective partnership to support international expansion of
local business units,” said Mr. Manoj Kumar Singh, GM, NSIC – Mumbai at an interactive meeting to celebrate International MSME Day 2022 at WTC Mumbai.
Speaking about the role of NSIC in supporting MSMEs in the country, Mr. Singh informed, “NSIC offers integrated support, which includes credit, marketing, raw material, technology and incubation to MSMEs, including SC-ST entrepreneurs, women-owned enterprises and budding entrepreneurs. We have launched MSME Global Mart, which is a B2B e-marketing portal, where MSME units can connect with global buyers and suppliers, display their products and obtain information on government tenders. So far, more than one lakh MSME units have registered on this portal.”
Mr. Singh further pointed out that NSIC plans to extend Rs. 410 crore as raw material credit against bank guarantee to MSME units in Maharashtra in the current financial year (2022-23), compared to Rs. 360 crore extended last year. In Mumbai, the Corporation aims to provide Rs. 170 crore raw material finance for MSMEs in the current year compared to Rs. 140 crore in the previous year.
In his remarks, Mr. Rajesh Sharma, AGM, SIDBI created awareness about long term funding schemes of SIDBI to support capital investment and business expansion by micro, small and medium enterprises (MSMEs).
Speaking on this occasion, Mr. Jacob Raphael, COO, M1xchange explained how MSME vendors can raise cash against their unpaid invoices at competitive interest rate by uploading these invoices on their electronic bill discounting platform.
Earlier in his welcome remarks, Mr. Firoze B. Andhyarujina, Senior Counsel, Supreme Court of India pointed out the importance of MSME sector in India and also highlighted the challenges faced by them in this environment of rising raw material prices and interest rate.
Delivering vote of thanks for the event, Ms. Rupa Naik, Executive Director, MVIRDC World Trade Center Mumbai suggested NSIC, SIDBI, and other institutions to set up dedicated fund for training and international business expansion of women-owned enterprises.
Ms. Naik also informed about WTC Mumbai’s Connect India International Trade Show 2022, which aims to provide global market access for around 500 Indian MSME exhibitors across various sectors.
The event was attended by representatives from MSMEs, including women entrepreneurs, consultancy organizations, financial institutions, academia and chartered accountants.