NSIC abbreviated as the National Small Industries Corporation is also named with PSU portal operating under the Ministry of MSME for promoting, aiding, and boosting the growth of multiple MSMEs working in the country. Since 1995, a new MSME has been registered under the ministry every day. Since then, the Government of India has been trying to implement various welfare schemes to solve the issues and challenges faced.
This portal has been really fast and speedy in adopting multiple digital facilities and technologies and has launched a B2B MSME Global Mart Portal. It is a platform for all the B2B businesses marketing and connecting the MSME with buyers and suppliers worldwide. NSIC portal assists in eliminating weak marketing challenges and boosts market access and MSME visibility across the country.
According to Government reports, in the year 2022, about 15,871 MSMEs have been registered in this B2B portal. NSIC also facilitates the MSMEs to adopt the latest technology at a greater pace for achieving higher business efficiency, business automation, and compliance. Whether you are looking to start a new business or expand an already established business, by registering in this portal, you may get a good knack for global tenders. Currently, NSIC is also one of the reputed Mini Ratna Public Sector Undertakings holding ISO 9001:2015 certifications.
Eligibility for enjoying NSIC B2B portal benefits
Obtaining or registering under the NSIC portal is a very easy task which involves all the enterprises holding Aadhar Udyog Registration or MSME to apply online and submitting the application at NSIC offices across India. As the NSIC office receives the application, it will forward the application to the zonal branch for completing the technical inspection of the unit and forwarding the recommendation for the NSIC registration.
All the micro-enterprises that have invested in plant and machinery up to INR 25 lakhs and services up to 10 lakhs are eligible for registration under the NSIC portal. As well as all the small enterprises having plant and machinery investments of up to 5 crore and services of up to 2 crores are also eligible for the NSIC portal benefits. If the business has also completed its 1 year of commencement is also eligible for enjoying the benefits of the NSIC B2B portal which includes unified support services in technology, finance, and other departments.
The eligible businesses can register in various schemes of the NSIC portal which comprises of single point registration scheme, consortia and tender marketing, procurement marketing scheme, performance and credit rating scheme, bill discounting scheme, credit facilitation by banks, and marketing intelligence, amongst others. With that the businesses registered with the portal can have access to all the cheaper loans with interest as low as 1.5% and the minimum alternate tax can easily be carried forward up to 5 years.
It ensures the availability of rebates and concessions on patent registrations, one-time settlement fees for confronting payment issues with vendors, and also enjoying security benefits in multiple government schemes which include public procurement policy, credit-linked capital subsidy scheme, credit guarantee scheme, and much more.
To register under the NSIC B2B portal, there are various documents required which include the identity proof and address proof of the authorized person, a copy of the acknowledgment of MSME registration, a signed copy of the PAN and Udhog Aadhar Memorandum number, a signed copy of the ownership documents of the business location, copy of the sales deed, declaration from the directors, partner, and sole proprietor, write on quality measure adopted, list of the quality control equipment, etc.
Differences between NSIC and Udyam
When it comes to underlining the difference between the NSIC and Udyam, then there is a huge difference between both. NSIC is abbreviated as National Small Industries Corporation whereas, MSME is abbreviated as Micro Small Medium Enterprise. As we know through the blog introduction, the NSIC B2B portal was established in the year 1955 which promotes and develops both micro and small industries across the country. Meanwhile, MSME overall helps in growing the economy and promotes equitable development.
NSIC function is to provide the machinery on-hire purchase scheme to the small scale industries, on the other hand, MSME concentrates on providing reliable support in sectors like credit, marketing, technology, and MSME infrastructure. The registration certificate of NSIC is valid for 2 years, whereas, the certificate of MSME is valid for a lifetime.
Is NSIC and MSME the same
The scope of both the authorized bodies says that NSIC B2B is a kind of portal that falls under the MSME, which is a government-recognized body. That’s why the scope of MSME is wider than that of NSIC. MSME caters to multiple business needs of the small-scale enterprise. Whereas, NSIC focuses on the financial growth of micro and small enterprises working in the country.
Through this blog, we have understood about the NSIC B2B portal, who is eligible, its benefits, and multiple other things. Also, we have learned about the aspects on which MSME and NSIC differ and it can be said that both NSIC and MSME are diverse topics. Both of the bodies offer benefits and growth to the businesses in their own way. You can connect with Babusiya today to fulfill multiple needs of your business and give it the desired height for the future.