Policies, Codes & Other Documents
We all know that MSME or the Micro, Small, and Medium Enterprises sector constitutes a significant part of the Indian economy. It employs nearly 25% of the non-agricultural workforce of the nation. MSMEs offer the opportunity to equitably distribute national wealth and income while industrialising rural areas.
The Indian MSME landscape is considerably changing owing to the global economic advancements. In a bid to facilitate the growth of MSMEs, the government established NSIC MSME,which stands forNational Small Industries Corporation under the Ministry of Micro, Small & Medium Enterprises.
NSIC is a government of India certified enterprise. Its mission is to support and promote MSMEs throughout the country by offering them integrated support services. It works in close contact with MSMEs with the help of its presence in the form of technical centres and offices across different locations.
NSIC has a set of exclusive schemes that are tailor-made to provide them with a competitive position in the financial market. These integrated services or NSIC subsidy schemes can fall under the marketing, finance, technology, and other support services category.
Additional Read: How to Get a Small Business Loan from the Government
for Raw Material Assistance
Benefits: It helps MSMEs to by financing their raw material purchase. They can avail of Economics of Purchases. This implies cash discounts and bulk purchases, among others. Also, NSIC takes responsibility for documentation.
for Performance & Credit Rating
Benefits: This value-added scheme enables the evaluation of the performance capabilities of the enterprise via a third-party agency. Through this, they can avail of prompt credit in the form of an SME loanat attractive rates. Additionally. MSMEs receive global trade recognition.
for Marketing Assistance
Benefits: Under this scheme, the special NSIC marketing cell evaluates and assesses the customer base and determines their preferences and needs. It provides business collaboration and technology transfer opportunities. It also promotes new business avenues through the marketing intelligence portal.
for Bill Discounting Scheme
Benefits: This subsidy also provides MSMEs with the opportunity to draw finance against duly verified trade bills. They can use the services of financial institutions to obtain funds through a business loan.Several other tangible benefits in terms of financing to cover their expenses are available.
The importance of these subsidy schemes is evident in the involvement of NSIC in entrepreneurshipof MSMEs in India. Now, receiving monetary help is relatively quicker with reforms to promote MSME growth.
Additional Read: Best Way to Get an MSME Business Loan
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Policies, Codes & Other Documents