NSIC pays dividend to Govt

31 Aug '07

4 min read

"We will also provide life and disability cover to one earning member in each family so that they and their families can get over the consequences of injury or death. We are also working on a health insurance model so that our poor do not have to bear the high cost of medical care. I am sure these initiatives will benefit all workers in the SME sector in particular. Through these three initiatives, we intend to ensure a minimum level of social safety for all of them.“

Earlier, Shri Mahabir Prasad, Minister for Micro, Small and Medium Enterprises thanked the Prime Minister and said that the path shown by him for the Micro, Small and Medium Enterprises Sector during the National Convention in 2004 proved to be helpful in achieving financial and physical targets during the Tenth Plan.

This Sector helped in creating about 63 lakhs additional job opportunities during the Tenth Plan, which was far more than the target of 44 lakhs, the Minister added. He also thanked Dr. Manmohan Singh for important decisions taken by him from time to time for the development of this sector. “This Ministry is committed to work in achieving the 'inclusive growth' advocated by you for the Eleventh Plan”, Shri Prasad assured.

National Small Industries Corporation Ltd (NSIC), a public sector unit of the Ministry of Micro, Small & Medium Enterprises (MSME) presented a Dividend Cheque of Rs.56.90 lakhs for the year 2006-07 to the Minister for Micro, Small & Medium Enterprises, Shri Mahabir Prasad at the function.

The Dividend cheque was presented to Shri Mahabir Prasad, Minister for Micro, Small & Medium Enterprises by Chairman & Managing Director, NSIC Shri H.P.Kumar. NSIC was incurring loss for the past several years. After a long gap of more than a decade NSIC posted a profit of Rs. 1.25 crore in the year 2005-06.

In the year 2006-07 NSIC's profit increased to Rs.2.84 crore. NSIC's Board of Directors, which met on 29.8.2007, decided to declare a Dividend of 20% on its profit during the year 2006-07. The day is also being celebrated as MSME Day.

Press Information Bureau Government of India

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