National Small Industries Corporation (NSIC) awarded Mini Ratna Status
National Small Industries Corporation (NSIC), a public sector undertaking under the ministry of micro, small and medium enterprises (MSME) was awarded Mini Ratna status by the Indian government.
National Small Industries Corporation (NSIC), a public sector undertaking under the ministry of micro, small and medium enterprises (MSME) was awarded Mini Ratna status by the Indian government on 3 March 2011. The Mini Ratna status conferred upon NSIC will provide more autonomy and more decision-making power to the PSU. As a result of the status conferred performance of NSIC will improve automatically. It will also help the entrepreneurs to get faster and better service.
Despite being only in the service sector and unlike other PSUs which are into manufacturing, NSIC successfully in fulfilling both physical and financial parameters set by the government to get a Mini Ratna status.
The NSIC with a current business turnover of over Rs 7000 crore, provides a host of services to small entrepreneurs. NSIC acts as a facilitator to promote small industries through various user-friendly and demand-driven schemes. It also supplies raw materials such as coal, steel, copper, zinc, plastic, among others, at ex-factory price. The raw material assistance scheme of NSIC is aimed at helping small entrepreneurs by way of financing the purchase of raw materials.
NSIC has tie-up with commercial banks and provides credit support to them in the form of equipment financing, procuring raw materials and marketing activities. Technology support is provided by NSIC to enhance a company's competitive advantage through technical services centres. Through consortia and tender marketing, it helps small entrepreneurs in procuring and executing large orders, and sort out marketing problems. NSIC also organises buyers-sellers meets to provide a marketing platform to their products.