What does NSIC mean in COMPANIES & FIRMS
NSIC stands for the National Small Industries Corporation, an Indian organization that promotes the development and growth of small businesses in India. Established in 1955, NSIC has been instrumental in helping small and medium-scale enterprises across the nation to grow and thrive. Through its network of branch offices throughout India as well as other initiatives, NSIC provides training, technology transfer services, marketing support, loan facilitation, and other aid to small businesses. In recent years, the central government of India has actively promoted the development of micro, small and medium-scale enterprises (MSMEs) through various measures including a range of incentives for establishments.
NSIC meaning in Companies & Firms in Business
NSIC mostly used in an acronym Companies & Firms in Category Business that means National Small Industries Corporation
Shorthand: NSIC,
Full Form: National Small Industries Corporation
For more information of "National Small Industries Corporation", see the section below.
The Purpose of NSIC
The main purpose of NSIC is to promote entrepreneurship among SMEs (Small and Medium Enterprises) by enabling them to become more competitive in today’s global market. It provides assistance through various schemes such as credit guarantee scheme (CGTMSE), vendor registration program (VRS), Technology Upgradation Assistance Scheme (TUAS), Entrepreneurship Development Programmes etc. It also facilitates promotional activities such as organizing exhibitions/trade fairs/buyer-seller meets and access to markets through its extensive network across all states and union territories of India. Through tie-ups with major banks and financial institutions across India it helps SMEs avail bank credit on easy terms for capital expenditure.
Essential Questions and Answers on National Small Industries Corporation in "BUSINESS»FIRMS"
What is the mission of the National Small Industries Corporation (NSIC)?
The mission for NSIC is to provide assistance in the promotion, development, and expansion of small scale industries in India. It works towards giving them a level playing field amongst their counterparts in big industries. NSIC also works to create a platform for industry-specific technology upgradation, capacity building and quality improvement through its various schemes and programs offered to small scale businesses.
What services does NSIC provide?
NSIC provides a range of services covering credit support services, marketing support services, technology support services, training & capacity building activities, technical consultancy & research, export promotion initiatives and international tie-ups with global organizations.
Does NSIC help small businesses secure loans?
Yes! NSIC provides access to financial resources to meet working capital requirement of the MSME sector through its Credit Guarantee Scheme which guarantees 80% or 90% Loan amount sanctioned by Scheduled Commercial Banks including Public Sector Banks as well as Private Sector Banks.
How can one apply for loans supported by NSIC?
To apply for the loan supported by NSIC visit www.nsicnet.nic.in. Select ‘Services’ tab on top menu, click on ‘Loans/Finance/Capital Investment’ under Services section and follow instructions given therein.
Are there any special schemes available through NSIC?
Yes! Under Prime Minister’s Employment Generation Programme (PMEGP) scheme micro enterprises are set up with grant assistance provided by Ministry of Micro Small & Medium Enterprises (MSME) through KVIBs/District Industries Centers etc., while NSIC provides marketing support to these units with an aim to make them viable business entities ensuring guaranteed orders from large corporate buyers like PSUs / Central Government Departments / Corporations etc., leading eventually towards employment generation at rural level.
What kind of marketing support does the program provide?
Marketing Support provided within this program includes order booking from large corporate buyers on rate contract basis and spot ordering from same or other potential buyers at mutually agreed prices using the help of experienced professionals associated with entire process have contacts loaded with information related to markets/buyers etc.
Does access to raw materials come under the scope of marketing support offered by the programme?
Yes! Apart from just order booking from corporate buyers, access to raw materials at competitive rates along with suitable vendor identification based upon specific requirements comes under the scope of Marketing Support offered by this programme.
Final Words:
In conclusion, the National Small Industries Corporation plays an important role in promoting entrepreneurship among small scale industries and helping them become competitive domestically as well internationally. Its aim is to foster industrial growth across cities and towns throughout India while uplifting the socio-economic condition of millions who are dependent on the SME sector. NSIC has become a crucial part of the Indian economy by providing employment opportunities for educated youth everywhere across rural areas as well as urban cities alike.
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