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NSIC and GJEPC Sign MOU To Foster MSMEs

NSIC and GJEPC Sign MOU To Foster MSMEs. The Gem & Jewellery Export Promotion Council (GJEPC) signed a Memorandum of Understanding (MoU) with the National Small Industries Corporation (NSIC) on 29 January 2021 for the shared benefit of its members.

The MoU has been signed by the U.K. Kohli, General Manager (BD-Machine Selling), and Colin Shah, Chairman, GJEPC, in the presence of the Director (Planning & Marketing)

NSIC, an enterprise of the Government of India under the Ministry of Micro, Small and Medium Enterprises (MSME), works to encourage, support, and promote the growth of micro, small and medium-sized enterprises in the country.

Addressing the gathering, Colin Shah, Chairman of the GJEPC, said, “With the reinvented MSME classification, 85% of the gem and jewellery industry is made up of small and medium-sized enterprises. The association with the National Small Industries Corporation will support our sector, in particular the MSME units. One of the advantages to our sector is that they will be able to purchase machinery for manufacturing gem and jewellery at a reduced rate via the NSIC scheme. This will further allow our manufacturers to come up with high-quality products and thus make this industry more competitive in the foreign market.”

Shri. P Udayakumar, Director (Planning & Marketing) NSIC, stated, “GJEPC and NSIC have been communicating for some time now on ways to promote the various NSIC schemes for the gem and jewellery sector, and I am pleased that we are signing this MoU today. We are seeking to reach out to more small and medium-sized businesses by widening our verticals. We have the Procurement Marketing Scheme to enlist exhibitions in order to explore new markets. NSIC offers comprehensive support services under Marketing Technology, Finance and Support segments.”

“The NSIC is unveiling another scheme called the Fund of Fund scheme. It is an equity investment scheme of Rs. 50k crore, of which Rs. 10k crore is invested by the Government, and the balance Rs. 40k crore will be procured through FDIs and other banks, which will invest in growth-oriented small and medium-sized enterprises. This scheme will provide collateral-free/guarantee-free funds to expand, which, in turn, will build many corporate and global champions”, continued Udaya kumar.

The highlights of the NSIC and GJEPC MoU are as follows:

Business Promotion Associates: GJEPC will share with NSIC the details of associated machine manufacturers/authorized Indian dealers of machines & equipment to promote and disseminate information to the NSIC Machine Selling Scheme. The GJEPC will serve as a business promotion associate with NSIC to support the current scheme of NSIC for enhancing business, specifically for Machine Aggregation Services.

Enlistment of Machinery Manufacturer & Registered Indian Importer: The GJEPC will have a list of prominent/prospective buyers/bulk buyers.

Bulk Buying of Machinery: Bulk buying of allied machines can also be permitted along with machines and equipment, taking into account the high-frequency consumption of spare parts as stated by GJEPC.

Financial support from FIIs/Banks: NSIC, together with GJEPC, will explore all the possibilities of funding facilities from Banks/FIIs or other alternatives in accordance with their existing standards in line with the terms and conditions of the FIIs/Banks.

Digital Support: NSIC will provide digital support for marketing support and show products on the NSIC website under the MS Scheme. Any expenses incurred for marketing purposes other than the Machines Selling Scheme of NSIC will be covered by the beneficiary units in compliance with the current norms pertaining to the specific scheme.

Marketing Facilitation: NSIC will facilitate all existing schemes such as Infomediary Services, RMA, Exhibition, Bank Tie-up, Raw Material Distribution, etc. The marketing exposure of the units under the schemes will be in compliance with the provisions of the scheme. In accordance with the standard procedure of the scheme, NSIC will conclude a separate agreement and allied documents with qualifying parties offering facilities under the NSIC scheme.

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Mines to Market
Prashant Rathod

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