National Small Industries Corporation to receive Rs 300-cr equity infusion from Centre for SMEs: Virbhadra Singh

NEW DELHI: Centre will be infusing Rs 300-crore equity into the National Small Industries Corporation (NSIC) during the upcoming three years to offer marketing support to small and medium enterprises (SMEs). This information has been provided in a written reply to a question in the Lok Sabha by Mr Virbhadra Singh, Union Cabinet Minister for Micro, Small and Medium Enterprises (MSME).

NSIC is a public sector undertaking under the MSME Ministry and it has established three projects in South Africa in the past three years. Mr Singh has stated that since the formation of Prime Minister's Employment Generation Programme (PMEGP) in the fiscal year 2008-09, 1.41-lakh units have been assisted with the margin money subsidy of Rs 2,593.78 crore until November this year.

The programme will be generating self-employment opportunities via setting up of micro enterprises in the non-farm sector.

According to the programme, the beneficiaries can set up micro enterprises with the help of margin money subsidy of 25% of the project cost in rural India and 15% in the urban areas.