Press Release

NALCO to enhance procurement from MSMEs to Rs 1200 after expansion from current level of Rs 400 cr: Dr. Chand, CMD, NALCO


Bhubaneswar, 13/08/2018: In what will be a big boost for the MSME sector in Odisha, NALCO CMD Dr. Tapan Kumar Chand said the state-based Navratna PSU, is taking concrete steps to support the MSMEs and making all efforts to enhance the procurement of materials from MSMEs from the current level of Rs 400 crores to Rs 1200 crores after expansion.

‘’The time for MSMEs to shine bright is NOW. India is emerging as the youngest nation with 64 % of population in working group. If this demographic dividend is properly cultivated, it will increase GDP by 2 %, which will take the GDP growth to double digits. It can only be possible if the huge workforce is provided productive employment. MSME is the right avenue to create employment. A crore investment in MSME creates 85 jobs against one job in large industries. This is going to be the Game Changer,’’ said Dr. Chand while addressing the national convention, organised by Odisha Assembly of Small & Medium Enterprises (OASME).

Batting for the Angul Aluminium Park, which is being set up in joint venture with IDCOL to promote downstream and ancillary industries, Dr. Chand said, ‘’There is huge response to the Aluminium Park from industry proponents. There is as an estimated requisition for 5 Lakh MT. This creates the market compulsion for NALCO to go for 2 new Smelters – one in brownfield and the other in Greenfield, with additional capacity of 1 million tonne in toto, to meet the demand of all India customers, export commitments and industrial units in Angul Aluminium Park. Thus Angul Aluminium Park has brought a turnaround in investment scenario in aluminium sector when Aluminium producers have been apprehensive of new investments due to high cost of production and low LME,’’added Dr. Chand.

Reaching out to the entrepreneurs of the state at the session titled ‘Ease of Doing Business & Public Procurement Policy of MSMEs’, Dr. Chand said NALCO is very supportive of creating a conducive environment that enables creativity and innovation. Dr. Chand said, ‘’We are keen on sustaining entrepreneurs in the state.’’

Dr. Chand praised the contribution of the Micro, Small and Medium Enterprises (MSMEs) for their role in creating employment opportunities for nearly 15 lakh people in Odisha and opined that NALCO is ‘’Ready to lend marketing support and offer cashless model as a responsible Mother Plant, to help the MSMEs sustain themselves in the long run.’’

The Odisha MSME Meet was attended by large number of delegates from the MSME sector, industry leaders, entrepreneurs, Govt. officials, policymakers and banking institutions.

Shri GS Dash, Chairman, OASME, Er. Satwik Swain, Secretary General, OASME, Shri Manabendra Misra, GM (FIDD), RBI, Shri P Nath, IAS, Director of Industries, Odisha and Dr. S.K.Sahoo, Director (I/C), MSME-DI ,were notably present.