The National Small Industries Corporation (NSIC) is a government of India organization aiming to help develop, stimulate, and service small-scale micro and medium-sized enterprises. Close to sixty years ago, in 1955, the unit was set off as an autonomous body by the Ministry for Micro, Small and Medium Enterprises (MSMEs).
SMEs are allocated varied services by the NSIC, including advertising help, leasing information for credit, technical support and commodity ordinance. It helps small ventures improve their seriousness and grow their business, opening doors in both domestic and international markets.
Some of the Key Elements of NSIC Are
- It facilitates the accessibility of credit and loans to SMEs through its different plans and tie-ups with monetary organizations.
- They acquire and distribute unrefined substances, machinery, and equipment competitively.
- They provide training and expertise improvement projects to upgrade SMEs’ specialized and administrative abilities.
- They are promoting advisory services to SMEs on different parts of the business, the board, and tasks.
- Promoting the commodities of items and administrations of SMEs through market development help, support in exchange fairs and exhibitions, etc.
In general, NSIC is critical in supporting the development and improvement of small businesses in India.
Mission and Vision of NSIC
Mission: To promote and support the Micro, Small, and Medium enterprises (MSMEs) Sector by offering integrated support, including marketing, trading, technology, finance, and other administrations.
Vision: NSIC’s principal vision is to develop and promote small-scale industries in the country. It is an enterprise owned by the government of India, and recently, it was made a completely possessed government corporation certified as an IOS 9001-2015.
Functions of NSIC
The NSIC is an administration organization in India that supports and advances the development of small-scale businesses. A portion of the vital elements of NSIC include:
1. Facilitating Marketing Support: NSIC provides marketing help to small ventures by promoting their products and services, arranging trade fairs and exhibitions, and facilitating participation in domestic and international trade occasions.
2. Credit Support: NSIC offers different credit-related plans to small enterprises, including giving monetary help through its assets or working with advances from banks and economic foundations. It likewise assists in the method involved with obtaining government endowments and motivating forces.
3. Technology Support: NSIC helps small enterprises adopt modern technologies and update their assembly processes. It offers specialized help, project preparation, and consultancy services to improve competitiveness and efficiency.
4. Capacity Building: NSIC conducts ability development programs, business venture improvement programs, and other training initiatives to upgrade the capacities of small enterprises and their employees.
5. Single Point Registration: NSIC operates the Single Point Registration Plan (SPRS), which empowers independent ventures to register themselves as soldiers for government procurement. This registration gives them opportunities to participate in government tenders and agreements.
6. Export Facilitation: NSIC helps small enterprises investigate and extend their commodity potential. It also provides direction on sending procedures, documentation, and market intelligence to assist small-scale enterprises with entering worldwide business markets.
Difference Between MSME vs NSIC
| MSME
| NSIC
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Definition
| MSME refers to the area encompassing micro, small, and medium-sized enterprises because of their plant and machinery or gear investment.
| NSIC, then again, is a government Enterprise that explicitly centres around supporting and advancing the development of small enterprises in India.
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| Scope
| MSME covers a broad spectrum of enterprises, including micro enterprises (investment up to INR 10 crores), small enterprises (investment up to INR 10 crores), and medium enterprises (investment up to INR 50 crores).
| NSIC is an office that offers various types of assistance to small ventures, such as promotion help, monetary help, innovation upgradation, etc.
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Objectives
| MSME aims to advance and support improving micro, small, and medium-sized enterprises by admitting them to funds, innovation, and market opportunities.
| NSIC’s principal objective is to help small businesses develop by improving their intensity through different help support services and plans.
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Structure
| MSME is a sector or domain that involves different enterprises falling under the characterized measures laid out by India’s government.
| NSIC is a specific corporation or agency that works as a public sector enterprise under the Service of MSMEs in India. |
MSME is the general term used to describe micro, small, and medium-sized enterprises, though NSIC is a government office that explicitly centers focus on advancing and supporting small businesses through different administrations and plans
Who is Eligible for NSIC?
The NSIC offers help and support to small-scale ventures in India. Any MSME can be qualified for NSIC registration and benefits. The qualification measures for NSIC registration are as per the following:
1. Legal Entity
The business should be a legitimate entity, such as a Pvt Ltd company, sole proprietorship, partnership firm, LLP, or cooperative society.
2. Classification
According to the MSME Development Act of 2006, the business should be considered a micro, small, or medium enterprise.
- Micro: Investment in plant & machinery should not exceed INR 25 lakhs.
- Small: Investment in plant & machinery should be more than INR 25 lakhs but not exceed INR 5 crores.
- Medium: Investment in plant & machinery should be more than INR 5 crores but shouldn’t surpass INR 10 crores.
3. Registration
The business should be registered with the appropriate government authorities, for example, the District Industries Centre (DIC), Khadi and Village Industries Commission (KVIC), Small Industries Service Institutes or Coir Board. Not defaulting: The business should not be a defaulter to any bank or government authority.
What is the Turnover Limit for NSIC Registration?
| ENTITY
| Turnover up to INR 1crore
| Turnover exceeding INR 1crore |
| Micro-sized MSME
| INR 3000
| INR 3000 + 1500 for additional turnover exceeding 1Crore
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| Small-sized MSME
| INR 5000
| INR 5000 + INR 2000 for additional turnover exceeding 1Crore |
