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Odisha govt approaches NSIC to promote MSMEs

Bhubaneswar, Sept 25 (KNN)  In order to promote micro, small and medium enterprise (MSME) sector, the state government of Odisha has proposed to sign a memorandum of understanding (MoU) with the National Small Industries Corporation Limited (NSIC).

A letter has been sent to NSIC urging it to organise a meeting and finalise a suitable date to sign the documents. 

Since NSIC, a mini-ratna Government of India enterprise has signed MoU with various nationalised banks for credit facilitation to the MSMEs under its bank tie-up scheme, the units in Odisha can also avail credit under the arrangement.

The Odisha government wants to sign a MoU in the same manner as the neighbouring state West Bengal signed with NSIC for setting up business incubation centres with focus on backward and less industrialized areas for the benefit of the MSME sector.  

There are 111,856 units in the MSME sector. Between 2005 and 2011, investment in the sector has grown by 9.96 per cent.

Further, this sector in the state has provided employment opportunities to 7,06,342 persons.

The small and medium enterprises (SMEs) in Odisha generated maximum employment next to agriculture in the past years.