Describe the functions of National Small Industries Corporation.
The Government of India constituted the National Small Industries Corporation (NSIC) in February 1955 for the development and promotion of small-scale industries. National Small Industries Corporation continues to work to help small-scale industries. The functions of National Small Industries Corporation are discussed below:
1. Marketing assiatance:
Marketing strategy is very important for small enterprises to survive in today’s highly competitive market. The National Small Industries corporation greatly helps in the marketing of small-scale industries. Nowadays, online marketing information system has introduced opportunities for fair marketing of products.
2. Procurement of Raw materials:
National Small Industries Corporation helps small-scale industries in various ways to procure raw materials from the domestic market or import from abroad. This institution also arranges short-term loans to finance the purchase of raw materials.
3. Arrangement of fairs and exhibitions:
National Small Industries Corporation organizes fairs and exhibitions at national and international level. The NSIC provides reduced rents to companies participating in fairs and exhibitions. Its purpose is to present small national products to the people of the country and abroad.
4. Help in Technology or Industrial Science:
Technical knowledge is essential in today’s dynamic world. The NSIC of India provides immense technical support to small-scale industries. For this purpose, NSIC has set up Software Technology Parks and Technology Transfer Centers at various places.
5. Financial aid:
Any business needs money to run smoothly. The NSIC has taken various schemes to help the small-scale industries facing economic problems. Small-scale industries have established tie-ups with state commercial banks so that banks provide loans on easy terms.
6. Helping with services:
The success of any business organisation largely depends on various information. Arranges interviews with representatives of large companies and small-scale industries to get various information. Through these interviews, they get an idea of what products can be sourced from small-scale industries. On the other hand, small-scale industries can also understand the needs of customers.
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