NSIC Signs MoU with Walmart

A Memorandum Of Understanding was signed between The National Small Industries Corporation Ltd. and Walmart Global Sourcing India Private Limited, to facilitate services to MSMEs in Walmart Vriddhi program.

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Need Of This:

Through this MoU, NSIC will be able to extend the NSIC schemes and other services to MSMEs which would participate in various Vriddhi programs. Moreover, the MSMEs would get the exposure to various advantages of gaining working capital, bulk procurement support etc. under various opportunities offered by NSIC.

What More For MSMEs:

MSMEs, which are part of the NSIC ecosystem, will also be linked to the Vriddhi program in relevant clusters and get access to existing business training content, advisory support, tools and knowledge under the program – ‘free of cost’. The MoU will play a critical role in enabling MSME’s reach $2 trillion worth of exports by 2030.

What The Minister Said:

“Walmart has been instrumental in enabling MSMEs with training and capacity building, especially during the pandemic period. The Indian MSME sector currently has 63 million enterprises that employ more than 110 million people. We look forward to Walmart’s continued support to the growing MSME sector in the country,” said Narayan Rane, Minister of Micro, Small and Medium Enterprises of India.

What The Others Are Saying:

Gaurang Dixit, Chairman-Cum-Managing Director, at NSIC, said that through this partnership, MSMEs across India would be able get the support required to expand their businesses nationally and across the globe.

“NSIC is committed to the growth and development of a robust MSME sector in India. We look forward to working with Walmart Vriddhi to help MSMEs under the programme access our schemes and make Vriddhi’s learning resources available to MSMEs under NSIC,” he added.

“With our ongoing commitment to triple exports from India by 2027 to $10 billion annually, we look forward to supporting more small businesses in their efforts by providing potential access to online and offline markets in India and abroad,” said Jason Fremstad, Senior Vice President-Supplier Development, Walmart.

About National Small Industries Corporation (NSIC):

It is an ISO 9001:2015 certified Government of India Enterprise under Ministry of Micro, Small and Medium Enterprises (MSME). It is working to promote and assist the development of micro, small and medium enterprises in the country.