71 Years of NSIC: Supporting MSMEs and Advancing Atmanirbhar Bharat

The National Small Industries Corporation (NSIC) marked an important milestone as it completed 71 years of service to the nation. The 71st Foundation Day celebrations were held on 4 February 2026 at the Dr. Ambedkar International Centre, New Delhi. The event was inaugurated by Jitan Ram Manjhi, Union Minister for Micro, Small and Medium Enterprises (MSME). The occasion highlighted NSIC’s long-standing contribution to the growth of India’s MSME sector and reaffirmed its commitment to the national vision of Atmanirbhar Bharat.

Background: Role of NSIC in MSME Development

NSIC is a Government of India enterprise under the Ministry of MSME. Since its establishment, NSIC has worked as a key support institution for micro, small, and medium enterprises across the country. Its main objective has been to promote, aid, and foster MSMEs by providing support in areas such as credit facilitation, marketing assistance, technology support, skill development, and digital integration.

Over the decades, MSMEs have emerged as the backbone of the Indian economy. They contribute significantly to employment generation, exports, and industrial production. NSIC has played a crucial role in strengthening this sector, especially by helping small businesses compete in domestic and global markets.

Key Developments at the 71st Foundation Day Event

While addressing the gathering, Shri Jitan Ram Manjhi congratulated NSIC on completing 71 years of dedicated service to the MSME sector. He praised the organisation for acting as a catalyst in nurturing India’s vibrant entrepreneurial ecosystem.

The Minister stressed the need to create greater awareness about NSIC schemes, particularly among first-generation entrepreneurs and small business owners in rural and semi-urban areas. He also highlighted the importance of comprehensive handholding support, especially in:

• Capacity building
• Innovation and technology adoption
• Digital transformation of MSMEs

A special Foundation Day Lecture was delivered by S. Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister. He spoke about the current macro-economic situation and discussed key policy measures aimed at strengthening the MSME ecosystem. He emphasized that challenges arising from global trade and economic uncertainty should be converted into opportunities by leveraging India’s strong domestic demand and entrepreneurial talent.

On this occasion, S. S. Acharya, Chairman and Managing Director of NSIC, reaffirmed the organisation’s commitment to building a self-reliant India. He stated that NSIC will continue to focus on improving the competitiveness, resilience, and sustainability of Indian MSMEs.

Significance of the Celebration

The 71st Foundation Day was not only a celebration of NSIC’s legacy but also a platform to reflect on the future roadmap for MSMEs. The event reinforced the government’s focus on MSMEs as key drivers of:

• Economic growth
• Job creation
• Innovation and industrial expansion

The emphasis on digital adoption and innovation aligns with India’s broader economic reforms and industrial policies.

Impact on MSMEs and the Economy

Strengthening MSMEs has a direct impact on India’s economy. Better access to support systems like NSIC helps small businesses:

• Improve productivity
• Access new markets
• Adopt modern technology
• Become part of global value chains

This also supports national goals such as inclusive growth and balanced regional development.