Commerce Exam > Commerce Questions > Which of the following institute was establis...
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Which of the following institute was established by the government with the objective of supplying machinery and equipment to small enterprises as on hire purchase system.
- a)National Small Industries Corporation
- b)Small Industries Service Institution
- c)Entrepreneurship Development Institution of India
- d)Training and development center
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Which of the following institute was established by the government wit...
Introduction:
The institute established by the government with the objective of supplying machinery and equipment to small enterprises on a hire purchase system is the National Small Industries Corporation (NSIC).
Explanation:
The NSIC was established in 1955 with the aim of promoting, aiding, and fostering the growth of small-scale industries in India. It is an ISO 9001 certified company under the Ministry of Micro, Small and Medium Enterprises (MSME).
Objective:
The primary objective of the NSIC is to provide machinery and equipment on a hire purchase system to small enterprises. This initiative helps small businesses overcome the challenge of accessing capital and acquiring necessary machinery and equipment for their operations.
Services Offered:
The NSIC offers various services to support small enterprises. Some of the key services provided by the NSIC include:
1. Hire Purchase Scheme: The NSIC supplies machinery and equipment to small enterprises on a hire purchase basis. This allows small businesses to acquire necessary assets without the need for upfront capital investment.
2. Raw Material Assistance: The NSIC assists small businesses by providing raw materials on credit. This enables small enterprises to procure essential inputs for their production processes without immediate payment.
3. Marketing Support: The NSIC helps small businesses in marketing their products by providing assistance in securing orders, participating in trade fairs and exhibitions, and promoting their products through various channels.
4. Export Promotion: The NSIC facilitates the export of products manufactured by small enterprises by providing various export-related services such as training, market research, and export documentation support.
5. Technology Upgradation: The NSIC helps small businesses in adopting modern technology and upgrading their manufacturing processes through various schemes and programs.
6. Finance and Credit: The NSIC assists small enterprises in obtaining financial support by facilitating loans and credit facilities from banks and financial institutions.
Conclusion:
The National Small Industries Corporation (NSIC) was established by the government to provide machinery and equipment to small enterprises on a hire purchase system. The NSIC also offers a range of other services to support the growth and development of small businesses in India.
The institute established by the government with the objective of supplying machinery and equipment to small enterprises on a hire purchase system is the National Small Industries Corporation (NSIC).
Explanation:
The NSIC was established in 1955 with the aim of promoting, aiding, and fostering the growth of small-scale industries in India. It is an ISO 9001 certified company under the Ministry of Micro, Small and Medium Enterprises (MSME).
Objective:
The primary objective of the NSIC is to provide machinery and equipment on a hire purchase system to small enterprises. This initiative helps small businesses overcome the challenge of accessing capital and acquiring necessary machinery and equipment for their operations.
Services Offered:
The NSIC offers various services to support small enterprises. Some of the key services provided by the NSIC include:
1. Hire Purchase Scheme: The NSIC supplies machinery and equipment to small enterprises on a hire purchase basis. This allows small businesses to acquire necessary assets without the need for upfront capital investment.
2. Raw Material Assistance: The NSIC assists small businesses by providing raw materials on credit. This enables small enterprises to procure essential inputs for their production processes without immediate payment.
3. Marketing Support: The NSIC helps small businesses in marketing their products by providing assistance in securing orders, participating in trade fairs and exhibitions, and promoting their products through various channels.
4. Export Promotion: The NSIC facilitates the export of products manufactured by small enterprises by providing various export-related services such as training, market research, and export documentation support.
5. Technology Upgradation: The NSIC helps small businesses in adopting modern technology and upgrading their manufacturing processes through various schemes and programs.
6. Finance and Credit: The NSIC assists small enterprises in obtaining financial support by facilitating loans and credit facilities from banks and financial institutions.
Conclusion:
The National Small Industries Corporation (NSIC) was established by the government to provide machinery and equipment to small enterprises on a hire purchase system. The NSIC also offers a range of other services to support the growth and development of small businesses in India.
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