FICO to sign MOU with NSIC, to facilitate the Industry

Ludhiana, August 5, 2017: Today Sh.K.K.Seth Chairman FICO, along with S.Gurmeet Singh Kular President & Sh.Mandeep Chowdhry Media Advisor met Sh.D.K.Bhatia Zonal General Manager NSIC & Sh.D.D.Maheshwar Sr.Branch Manager NSIC regarding the support services provided by NSIC to the industry. FICO will sign a Memorandum of Understanding with NSIC to facilitate the Trade & Industry with the schemes of NSIC, as NSIC is the largest Government body in India to facilitate the MSMEs. Mr. D. K. Bhatia elaborated the undernoted services provided by NSIC.
• Raw Material Assistance: NSIC, by making tie up with bulk manufacturers, facilitates MSMEs with uninterrupted supply of raw materials a manufacturer’s price thus enabling the end product of MSMEs to be cost competitive.

• B2B (Business to Business) Web Portal for marketing: NSIC provides an online platform for B2B marketing activities. This portal has features like:- Interactive data base of MSMEs, Trust Seal of NSIC, Unlimited Global Trade Leads, Global & National Tender Notices, Multiple Language Support, Popular Section, Centralized Mail System Call Centre Support, Self Web Development Tool and Payment Gateway for membership Subscription.

• Facilitating Participation in National and International Exhibitions and Buyer Seller Meets:
a) NSIC exhibits the products/ projects of MSEs in national & international exhibitions.
b) Global exposure provided to MSEs and their reach expanded to new Markets.
c) MSE’s & large institutional buyers such as Railways/ Defense & PSUs etc brought together by holding Buyer-Seller Meets.
d) Vendor development program conducted by bringing together Large buyers & MSEs
e) Awareness amongst MSEs created w.r.t. terms/ quality standards of bulk buyers by holding buyer-seer meets

• Technology Support: NSIC provides technology support to MSMEs throught its 8 technica centers in area of training (which is inked to industry requirements thus facilitating campus placements). Class room & practical trainings for skill upgradation, material/ equipment testing facilities through accreditation laboratories. Common facility services & energy and environment audit services etc.

• Credit Support:
• Facilities credit support to MSMEs for raw material procurement & marketing activities.
• Tie up arrangements with public and private sector banks to facilitates MSMEs in accessing term & working capital credit, as per their requirement

• Performance & Credit Rating Scheme
a) Facilitates an independent third party rating of and MSEs w.r.t. its performance and credit parameters by end of the empaneled rating agencies, which enables MSE’s in assessing their strengths and weaknesses.
b) Government subsidies 75% of the cost of Rating fee up to maximum of Rs.40,000/-
c) Good rating helps MSEs in accessing concessional credits and procuring orders.

• Incubation for New Small Enterprise Establishment
a) Aims at creating self employment opportunities using flexibles & cost effective MSE projects.
b) Structured Training covering Entrepreneurship concept guidance on selection of project(s), Practical training on live projects and guidance on project report preparation, setting up of enterprise, preparation of Fund Proposal to Banks, Staring of Business.
c) Turning Job Seekers into Job Providers.

S. Gurmeet Singh Kular said that all of these schemes will be circuated to the members to take the benefits from NSIC through FICO as FICO serves Trade & Industry, Trade & Industry serves the nation.