The National Small Industries Corporation (NSIC) is a government agency in India that was established with the aim of promoting and supporting the growth of small-scale industries. It was set up in 1955 and operates under the Ministry of Micro, Small and Medium Enterprises (MSME).
National Small Industries Corporation History
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Foundation (1955):
NSIC was set up on August 23, 1955, as a government agency under the Ministry of Industry (now the Ministry of Micro, Small and Medium Enterprises or MSME). Its establishment was a response to the need for fostering the development of small industries, recognizing their significant contribution to employment generation and economic development.
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Charter and Objectives:
NSIC operates with the mandate to promote, aid, and foster the growth of small industries in the country. It focuses on providing various support services, including financial assistance, marketing support, technology upgradation, and training.
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Financial Assistance:
One of NSIC’s key roles is to facilitate financial assistance to small-scale industries. This includes providing credit facilities, term loans, and working capital to help these enterprises meet their financial requirements.
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Marketing Assistance:
NSIC works to enhance the market presence of small businesses by organizing and participating in trade fairs, exhibitions, and buyer-seller meets. This helps small industries showcase their products and connect with potential buyers.
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Technical Support and Training:
NSIC provides technical support and training programs to improve the skills and capabilities of entrepreneurs and workers in small-scale industries. This is aimed at enhancing the quality of products and fostering technological upgradation.
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International Collaboration:
Over the years, NSIC has played a role in promoting international collaboration and partnerships. This includes facilitating joint ventures, technology transfers, and collaborations between small industries in India and those abroad.
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Single Point Registration:
NSIC introduced the Single Point Registration scheme, which simplifies the process for small businesses to participate in government tenders and procurement processes. This has made it easier for them to access government contracts.
Objectives of NSIC:
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Facilitating Financial Assistance:
NSIC helps small businesses by providing them with financial assistance in the form of credit facilities, term loans, and working capital.
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Promoting Marketing Assistance:
The organization assists small industries in marketing their products by participating in trade fairs, exhibitions, and organizing buyer-seller meets.
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Technical Support and Training:
NSIC offers technical support and training to small-scale industries to enhance their capabilities and improve the quality of their products.
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Technology Upgradation:
NSIC aims to promote technology upgradation in small industries by facilitating partnerships, collaborations, and the adoption of modern technologies.
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Entrepreneurship Development Programs:
The organization conducts various programs to develop and nurture entrepreneurship skills among individuals interested in starting their own small businesses.
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Single Point Registration:
NSIC provides a single point registration for government purchases, making it easier for small businesses to participate in government tenders and procurement processes.
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Credit Rating Scheme:
NSIC has a credit rating scheme for small businesses, which helps them in obtaining credit from banks and financial institutions at competitive rates.
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International Cooperation:
NSIC promotes international cooperation by facilitating joint ventures, collaborations, and technology transfers between small industries in India and their counterparts abroad.