Discuss the objectives and functions of National Industrial Development Corporation (NIDC).
Small and cottage industries are of immense importance in developing countries like India. As the importance of this industry increased in the post-independence period, an entity crisis arose. And the main reason for this crisis is the scarcity of necessary loans. National Small Industries Corporation is one of the institutions established at the national level to solve this problem. It was established in the year 1955. The main functions of the National Small Industries Corporation are:
1. Development of small scale industries:
About 7600 small-scale industries have flourished with the financial support of National Small Scale Industry including leather, printing, bookbinding, garment manufacturing, electronic component manufacturing, motor vehicle parts manufacturing, etc. As a result, employment has expanded.
2. Marketing support:
This organisation has helped in raising the necessary funds from the Government of India to create and expand markets for the products of small-scale industries. NSIC also helps in marketing the products of small-scale industries.
3. Long-term loan opportunities:
The National Small Industries Corporation advises and helps small-scale industries to get long-term loans on generous terms through easy installment arrangements for procurement of machinery.
4. Assistancement in procurement of raw materials:
Since its inception, the Institute has been particularly helpful in procuring scarce raw materials from its home country and abroad and selling its products for the development and expansion of Indian small-scale industries.
5. Technical support:
Technical support centers of NSIC have been set up all over the country. Through this, NSIC provides technical assistance to small and medium industries.
6. Assistance in providing bank loans:
NSIC has entered into a Memorandum of Understanding with various national banks and private banks to obtain bank loans for small and medium industries.
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