Difference Between NSIC And MSME

There is a vast difference between National Small Industries Corporation (NSIC) and Micro Small Medium Enterprise(MSME).

Difference Between NSIC and MSME on the Point of Definition

NSIC stands for National Small Industries Corporation. NSIC is a Public Sector Undertaking established by Government of India in 1955. NSIC was established to promote and develop micro and small scale industries and enterprises in the country.

MSME stands for Micro Small Medium Enterprise. MSME acts as an engine which helps in the growth of the economy and promoting equitable developments.

The Functional difference between NSIC and MSME

On the point of Functions, NSIC and MSME differ from each other. Main functions of NSIC are to provide machinery on hire purchase scheme to small scale industries however the functions of MSME are totally different. MSME focuses on providing support in the fields of credit, marketing, technology and infrastructure of MSMEs.

Difference Between NSIC and MSME on the point of Validity of Registration Certificate

So far as the validity of the certificate is concerned, you can a find a huge difference between NSIC and MSME.

The NSIC Registration certificate granted to Micro and small enterprise under Single Point Registration Scheme is valid for only 2 years but same is different in case of MSME. MSME registration certificate is valid for lifetime.

Conclusion

It is very clear that there are so many aspects which distinguish MSME and NSIC.

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