National Small Industries Corporation Ltd (NSIC) is looking at areas of mutual cooperation between Indian and Singaporean enterprises to expand India’s industrial presence in South East Asia.
NSIC chairman and managing director Ravindra Nath said “We would like to see if there are areas of mutual cooperation whereby Indian and Singaporean enterprises can have relationships. We would like to build that type of relationships.”
NSIC wants to see collaboration between companies of Singapore and India involving training, sharing of knowledge, expertise and machinery as per requirements.
What is NSIC?
National Small Industries Corporation Limited (NSIC) is a Public Sector Undertaking established in 1955 by the Government of India. It comes under Ministry of Micro, Small & Medium Enterprises of India (MSME).
Objectives
- NSIC helps in promoting, aiding and fostering the growth of small industries and industry related MSMEs in the country.
- It was established to provide machinery on hire purchase basis and assisting and marketing in exports.
- It helps in organizing raw materials like coal, iron for small scale private companies by acting as mediator with government companies like CIL, SAIL etc.
- It provides a complete assistance right from financing, training, providing raw materials for manufacturing and marketing of finished products of small scale industries.