All you need to know about NSIC Registration

The Government of India has undertaken various initiatives in order to promote small and budding entrepreneurs of modern India. Some of these initiatives include Make in India, Digital India, Skill India, and Startup India. There are several organizations that assist the government in boosting of the MSME sector. One such organization is the NSIC, that is relentlessly working since past 64 years for boosting and development of the micro and small scale enterprises in India.

The budding enterprises can get access to numerous developmental schemes and achieve tremendous growth by getting NSIC registration.

1. What is the Full form of NSIC?

NSIC is an abbreviation for National Small Industries Corporation.

2. What was the objective of government behind setting up NSIC? 

In order to promote small and growing entrepreneurs in post-independent India, the Government of India had decided to set up a government agency that can act as an intermediary to provide assistance to small scale industries (SSI). As a result, the National Small Industries Corporation was established in 1955. 

NSIC is a reputed Mini Ratna PSU that possesses ISO 9001:2015 certification.

3. What are the functions of NSIC?

Given below are the functions of NSIC:

• NSIC facilitates Micro, Small and Medium Enterprises with a set of specially tailored scheme to enhance their competitiveness. Some of those are listed below:-

1. Raw Material Assistance (RMA) Scheme
2. MSME Global Mart B2B Portal
3. Single point Registration for Government tenders
4. Bank credit facilitation
5. National SC & ST hub

• NSIC provides integrated support services under Marketing, Technology, Finance, and other support services.
• NSIC has set up Training cum Incubation Centre for skill development of MSMEs in India. These Training cum Incubations are managed by professional manpower. 

4. What are the benefits of getting NSIC registration?

Here are some of the benefits of getting NSIC registration: 

• Eligible MSMEs having NSIC registration are alloted of tenders totally free of cost.
• Under the Single point Registration scheme, the MSMEs with NSIC registration are exempt from the Earnest Money Deposit (EMD). EMD was taken from the bidder, to assure his seriousness in a bid.
• NSIC has reserved 358 items for purchasing particularly from the Small Scale Industries (SSIs) with NSIC registration. This will uplift this SSI sector.
• NSIC has reserved 20% of the total annual requirement of supplies to be procured from MSMEs. Out of this 4% quota is reserved for the SSI units operated by SC/STs having NSIC registration.

If you need any sort of assistance regarding NSIC Registration or MSME Registration, feel free to contact our business advisors at 8881-069-069.

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