NSIC was set up in 1955 to promote, aid and foster the growth of small scale units in India. Main constraint faced by entrepreneurs is shortage of funds to purchase machinery and equipment. Non availability of finance, deprives many new entrepreneurs from availing opportunities. NSIC was established to cater to this need of entrepreneur.
Main Functions of NSIC
(i) It supplies imported machines and raw materials to small scale industries on hire-purchase
(ii) It export the product of small units.
(iii) Helps in upgradation of technology.
(iv) Provides advisory service.
(v) Provides various equipment on lease basis.
(vi) Undertakes construction of industrial estates.