Write a short note on National Small Industries Corporation (NSIC)

CBSE Class 11 CBSE Class 11 Business Studies
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National Small Industries Corporation (NSIC) was established in the year 1955 in order to promote, aid and foster the growth of small business units in the country. The functions of NSIC are as follows : Vz

  1. To create awareness about technological upgradation.
  2. To develop technology transfer centres and software technology parks.
  3. To export the products of small business units in order to develop export worthiness.
  4. To obtain, supply and distribute indigenous and imported raw materials.
  5. To provide mentoring and advisory services.
  6. To serve as technology business incubators.
    NSIC has also introduced a new scheme of performance and credit rating for small businesses in order to encourage them to maintain good financial track record and to sensitize them about the need for credit rating.