National Small Industries Corporation (NSIC) has signed an Memorandum of Understanding (MoU) with Ministry of Micro, Small and Medium Enterprises (MSMEs), the ministry informed in a press satement on Thursday.

According to the release, the MoU for the year  2012-13 was signed by Dr. H. P. Kumar, CMD, NSIC with R. K. Mathur Secretary, MSME.

On the occasion Mathur said, "I am happy that MoU has been signed and we will give full support to NSIC to meet the target - which is 30-40% growth in 2012-13."

"NSIC would be given an equity support to the tune of Rs. 300 cr of which Rs. 155 cr has already been given and remaining will be disbursed in next two years," he added.

The said MoU envisages provision of enhanced services under Financial Support, Marketing Support, Technology Services and other support services for the MSMEs in the country.

Also present during the MoU signing ceremony were Ravindra Nath, Director (Fin), NSIC, P. Udaya Kumar, Director (P&M), NSIC, Amarendra Sinha, AS&DC (MSME).