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NSIC does well despite economic slowdown

New Delhi, Sep 2 (KNN) The National Small Industries Corporation (NSIC), under the Ministry of MSME, paid a dividend for Rs. 12.47 crore, equivalent to 20 per cent  of the  net profit for the year 2012-13 to the government.  

Total business of the Corporation reached  Rs 13,901 crore as compared to Rs. 11,137 crore during the previous year, registering the growth of 24 per cent. The Corporation achieved Profit Before Tax amounting to Rs. 92.35 crore for the year 2012-13 as against Rs. 60.21 crore last  year, registering a growth of 53 per cent. It is the seventh consecutive year for the Corporation to pay dividend to the Government, MSME Minister K H Muniyappa said after receiving the dividend cheque from NSIC Chairman and Managing Director H P Kumar.  

Underlining the present Indian economic condition,  Muniyappa said “the slowdown of Indian economy is due to global economy, which has been affecting the performance of MSME sector as well. However, MSME sector in India has managed to show the growth of more than 10 per cent, which proves the resilience of the sector”.

 Madhav Lal, Secretary in the Ministry of MSME was also present on the occasion.

Source: http://knnindia.co.in/msmes/nsic-does-well-despite-economic-slowdown/34-2409.go