What is SIDC – State Industrial Development Corporation
The full form of SIDC is State Industrial Development Corporations. It was first established in 1995. They are state-owned government corporations that engage in the development and promotion of medium and large industries. SIDCs aim to develop industrial infrastructure such as industrial parks and industrial estates along with providing financial assistance. The main objective of establishing SIDC was to increase the process of industrialization in India.
Objectives of SIDC
The main objectives of SIDC are as follows:-
They provide loans to several industrial units in medium and large sectors.
It aids in the establishment of entrepreneurship and skill development.
It helps in facilitating industrial infrastructure development.
SIDC aims to promote micro, small and medium enterprises.
Functions of SIDC
The main functions of SIDC are:-
SIDCs act as an instrument in expediting industrialization in the states of India in which they are present.
SIDCs issue loans, guarantees to various companies belonging to different industries.
SIDC takes the construction of sheds, development of industrial areas, and provision of various infrastructure facilities
SIDC undertakes various promotional programs like project identification, techno-economic surveys, preparation of feasibility studies, and entrepreneurial training.
SIDCs procure raw materials from the domestic market and international market and make it available to the needy small scale industries as per their requirements.
SIDCs take up various schemes to provide the various industrial units with efficient marketing assistance. SIDCs participate in tenders floated by the state government departments.
To obtain orders and distribute them among various small scale units, SIDCs make advance payments.
SIDC takes care of the development of various new growth centres.
It helps in solving working capital problems of the various industrial units.
It helps small scale units to take part in the international trade fair so that the products are displayed there.
Along with finance, they also provide a variety of functions like arranging power, lands, roads, licenses, etc.
SIDCs also promote industrial units run by women entrepreneurs.
SIDCs help in setting up skill development centres where workers are trained in various skills and industrial activities. This is to ensure the supply of skilled labourers to various small scale industries.
Currently, there are 28 State industrial development Corporations in India. It has been established by state governments of each state. 11 out 28 SIDCs in the country function as State Financial Corporations. They are termed as Twin functions of IDCs.
Some of the State Industrial Development Corporations are:-
Haryana State Industrial Development Corporation Ltd (HSIDC)
Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO)
What is COSIDICI?
The Council Of State Industrial Development and Investment Corporations of India(COSIDICI) was established in 1976 and comprise the State Financial Corporations(SFCs), State Infrastructure Development Corporation and State Industrial Development Corporations(SIDCs). It aids in setting up industrial units in the small, medium and large/joint sector. It assists the industrial units through its network 56 affiliated State Industrial Development Corporations (SIDCs) and Investment Corporations.