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Which financial institution is responsible for promoting and supporting small industries in India?
- a)Industrial Development Bank of India (IDBI).
- b)Life Insurance Corporation of India (LIC).
- c)National Small Industries Corporation (NSIC).
- d)State Financial Development Corporation (SFDC).
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Which financial institution is responsible for promoting and supportin...
The National Small Industries Corporation (NSIC) is the financial institution responsible for promoting and supporting small industries in India. It provides various services and financial assistance to help small businesses thrive and contribute to the economy.
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Which financial institution is responsible for promoting and supportin...
Introduction to NSIC
The National Small Industries Corporation (NSIC) plays a pivotal role in promoting and supporting small industries in India. Established in 1955, NSIC is a public sector organization dedicated to fostering the growth and development of small-scale industries (SSIs).
Key Functions of NSIC
- Financial Support: NSIC provides financial assistance to small industries through various schemes. This includes credit facilitation, grants, and subsidies aimed at enhancing their operational capabilities.
- Marketing Support: The corporation assists small industries in marketing their products. It organizes trade fairs, exhibitions, and buyer-seller meets, helping SSIs to showcase their goods and connect with potential buyers.
- Skill Development and Training: NSIC offers training programs to enhance the skills of entrepreneurs and workers in small industries. This is crucial for improving productivity and competitiveness in the market.
Government Initiatives
- Policy Implementation: NSIC plays a significant role in implementing government policies aimed at promoting small industries, such as the Prime Minister's Employment Generation Programme (PMEGP) and the Micro and Small Enterprises (MSE) Development Act.
- Support for Startups: The organization encourages innovation and entrepreneurship among youth by providing various schemes and support services for startups.
Conclusion
In summary, the National Small Industries Corporation (NSIC) is the primary financial institution in India focused on the growth and support of small industries. Through its multifaceted approach, NSIC ensures that small businesses receive the necessary financial, marketing, and training support to thrive in a competitive environment.
The National Small Industries Corporation (NSIC) plays a pivotal role in promoting and supporting small industries in India. Established in 1955, NSIC is a public sector organization dedicated to fostering the growth and development of small-scale industries (SSIs).
Key Functions of NSIC
- Financial Support: NSIC provides financial assistance to small industries through various schemes. This includes credit facilitation, grants, and subsidies aimed at enhancing their operational capabilities.
- Marketing Support: The corporation assists small industries in marketing their products. It organizes trade fairs, exhibitions, and buyer-seller meets, helping SSIs to showcase their goods and connect with potential buyers.
- Skill Development and Training: NSIC offers training programs to enhance the skills of entrepreneurs and workers in small industries. This is crucial for improving productivity and competitiveness in the market.
Government Initiatives
- Policy Implementation: NSIC plays a significant role in implementing government policies aimed at promoting small industries, such as the Prime Minister's Employment Generation Programme (PMEGP) and the Micro and Small Enterprises (MSE) Development Act.
- Support for Startups: The organization encourages innovation and entrepreneurship among youth by providing various schemes and support services for startups.
Conclusion
In summary, the National Small Industries Corporation (NSIC) is the primary financial institution in India focused on the growth and support of small industries. Through its multifaceted approach, NSIC ensures that small businesses receive the necessary financial, marketing, and training support to thrive in a competitive environment.
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Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer?.
Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer? for B Com 2025 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which financial institution is responsible for promoting and supporting small industries in India?a)Industrial Development Bank of India (IDBI).b)Life Insurance Corporation of India (LIC).c)National Small Industries Corporation (NSIC).d)State Financial Development Corporation (SFDC).Correct answer is option 'C'. Can you explain this answer?.
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