In the dynamic landscape of Indian businesses, Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in driving economic growth, innovation, and employment generation. Recognizing their significance, the Government of India has established various institutions and schemes to support and nurture these enterprises. Among them, the National Small Industries Corporation (NSIC) stands out as a prominent organization dedicated to fostering the competitiveness of MSMEs.
Let’s delve deeper into understanding what NSIC is, its benefits, schemes, and how it contributes to the MSME sector.
The National Small Industries Corporation (NSIC), established in 1955, is a Mini Ratna Government of India enterprise under the Ministry of Micro, Small and Medium Enterprises (MSME). It functions as a facilitator, promoter, and enabler for MSMEs in India. NSIC’s primary objective is to enhance the competitiveness of MSMEs by providing them with integrated support services encompassing marketing, technology, finance, and skill development. It acts as a bridge connecting MSMEs with potential markets, technologies, and financial resources, fostering their growth and sustainability.
The National Small Industries Corporation (NSIC), established in 1955, is a Mini Ratna Government of India enterprise under the Ministry of Micro, Small and Medium Enterprises (MSME). It functions as a facilitator, promoter, and enabler for MSMEs in India. NSIC’s primary objective is to enhance the competitiveness of MSMEs by providing them with integrated support services encompassing marketing, technology, finance, and skill development. It acts as a bridge connecting MSMEs with potential markets, technologies, and financial resources, fostering their growth and sustainability.
| Service Category | Description |
|---|---|
| Marketing Support | Participation in exhibitions, buyer-seller meets, consortia formation, e-marketing |
| Technology Support | Technology transfer, technology incubation, energy audit, common facility centers |
| Finance Support | Credit facilitation, raw material assistance, equipment leasing, bill discounting |
| Skill Development | Training programs for entrepreneurs and workers, skill upgradation, vocational training |
The NSIC Certificate authenticates MSME registration with NSIC, enabling them to access a wide range of government benefits and schemes.
NSIC plays a pivotal role in fostering the growth and competitiveness of MSMEs in India by:
The NSIC certificate holds validity for 2 years, after which a renewal request must be made to the regulating authority by the applicant. The NSIC renewal is required after every 2 years at the time of the expiry of the registration certificate. Entities that have not completed one year of business operations and have a provisional certificate of registration need to obtain a permanent registration certificate as soon as they complete the tenure.
The fee required for getting an NSIC Registration certificate is divided into three factors. The government fee is charged to the entities based on their annual turnover. The fee requirements are listed below –
The registration fee is defined as per the MSME’s annual turnover and latest audited balance sheet. However, basic details of the registration fees for MSEs are mentioned below:
| SPRS Registration Fees | ||
|---|---|---|
| Category | Turnover up to Rs. 100 lakh | Turnover above Rs. 100 lakh |
| Micro Enterprises | Rs. 3000 | Rs. 3000 plus Rs. 1500 for every additional turnover of Rs. 100 Lakh |
| Small Enterprises | Rs. 5000 | Rs. 5000 plus Rs. 2000 for every additional turnover of Rs. 100 Lakh |
The authorities need to inspect the registered business place, and for that, a desired fee must be paid to them. The MSMEs are required to pay a sum of Rs 2,000 for micro entities and Rs 3,000 for small entities as required fees.
The timeline for NSIC certificate registration is around 30 – 45 days. The entire registration process requires documentation, filling out the application form, submission, verification, and then the grant of certificate. The certificate of approval is directly mailed to the registered email address of the applicant through which they can access it.
The National Small Industries Corporation (NSIC) is a vital institution dedicated to promoting the growth and competitiveness of MSMEs in India. Through its integrated support services, schemes, and programs, NSIC empowers MSMEs to overcome challenges, seize opportunities, and contribute to the nation’s economic development. If you are an MSME owner, exploring the benefits and services offered by NSIC can be a game-changer for your business’s success.