NewKerala.com

NSIC Pays Rs 43.89 Crore Dividend to Government Amid MSME Growth Push

NSIC has paid a substantial dividend of Rs 43.89 crore to the Government of India for the current financial year. The Mini Ratna enterprise reported impressive financial results including a 15.60% increase in profit after tax. Simultaneously, NSIC signed memorandums of understanding with five private banks to improve credit access for MSMEs. This development aligns with the government's Vocal for Local initiative to strengthen domestic manufacturing and employment.

Key Points: NSIC Pays Rs 43.89 Crore Dividend to Government for FY 2024-25

  • NSIC achieved Rs 146.30 crore Profit After Tax with 15.60% growth from previous year
  • Signed credit MOUs with five major private sector banks including Axis and IndusInd
  • Partnership aims to enhance credit affordability and accessibility for MSMEs
  • Revenue reached Rs 3,431 crore demonstrating strong financial performance
2 min read

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

NSIC pays Rs 43.89 crore dividend to Government, reports Rs 146.30 crore PAT and signs MOUs with 5 banks to boost MSME credit access and support.

"The Union Minister applauded NSIC's efforts in empowering MSMEs through integrated support services - Official Statement"

New Delhi, Oct 28

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

Share this article:

Reader Comments

R
Rohit P
As a small business owner, I've benefited from NSIC's credit facilitation program. The MOUs with private banks will make credit more accessible for entrepreneurs like me. Hope this reaches the grassroots level effectively!
S
Sarah B
While the dividend payment is impressive, I hope NSIC ensures that the quality of support services doesn't get compromised in the pursuit of profits. The real success should be measured by how many small businesses actually thrive.
A
Arjun K
15.60% growth in PAT is commendable! NSIC's partnership with multiple banks shows they're serious about financial inclusion for MSMEs. This is exactly what our economy needs - supporting local businesses and creating jobs.
K
Kavya N
The 'handholding support' mentioned is crucial. Many first-time entrepreneurs need guidance along with credit. Hope NSIC maintains focus on skill development and mentorship programs alongside financial assistance.
M
Michael C
Good to see concrete steps being taken to support MSMEs. The collaboration between government enterprise and private banks could be a game-changer for small businesses across India. Hope the implementation is smooth.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50