NSIC (National Small Industries Corporation), established in the year 1955, aims to support, promote, develop, and foster the ministry of MSME – Micro, Small, and Medium Enterprises of India. NISC is an ISO 9001-2015 certifies organization under the Government of India Enterprise. NSIC has training plus incubation centers, a network of offices, and technical centers in the whole country supervised and governed by professionals.
Offering unified support and manpower services in marketing, finance, technology, and support, NSIC also facilitates customized schemes, thus enhancing the competitiveness, diligence, and growth of the MSMEs and eventually resulting in the overall development of the country’s economy.
The main goals of NSIC are:
The main areas of functioning of NSIC are:
To foster and upgrade the growth of MSMEs in the country, NSIC has various schemes:
NSIC collaborates with various top banks in India, both public and private, to facilitate the MSMEs with credit support to meet their capital and financial needs and to help with the documentation process.
This is a beneficial scheme for MSMEs in the manufacturing unit and has the benefit of UAM – Udyog Aadhar Memorandum. They have the leverage to take a customized high-value loan up to Rs. 15 crores for the procurement of raw material in the form of credit or advance payment.
Under this scheme, NSIC offers infomediary services providing vital statistical data and information on business and technology exhibiting the competence of the MSMEs. It can help in providing information on the following topics:
Launched in 1976, MSMEs make government purchases via a one-point registration process.
A consortium is created to promote small scale products and goods of micro and small-scale entrepreneurs.
This helps in understanding the current market scenario and understanding the demand, needs, behaviours, preferences, attitudes, and tastes of the potential customers.
Under the PPP mode – Public-Private-Partnership, NSICs have set up training and incubation centers – NSIC-TIC by initiating franchisee agreements and arrangements with private entities at various locations in the country.
especially designed for the SC/ST group to help them start-up or develop their businesses.
This addresses employment, the standard of living, and the livelihood of the public of India, in a scenario where the country’s population is growing by leaps and bounds.
This works on sustainable business relations and aims to strengthen international business ties by offering consultancy to other developing countries.
Through private and public sector banks, NSICs provide credit and loan facilities to MSMEs
Priority Sector is promoted
It gives an option to switch from one financial institution like banks to the other.
Guidance to get the best interest rates for MSMEs
Assist and direct MSMEs to avail credit
Holistic support to MSMEs
A substantial segment of the Indian population depends on NSIC and this sector for financial independence and to give impetus toward the growth of agriculture, housing, export, education, and a host of other micro and small businesses. No Collateral is expected if the loan amount is Rs. 10 lakhs. If the MSME condition is favourable, then it can be granted up to Rs. 25 lakhs without collateral.
The firms need to follow the eligibility criteria as under:
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